Hut 8 (NASDAQ:HUT) Earns “Buy” Rating from Canaccord Genuity Group

Hut 8 (NASDAQ:HUT)‘s stock had its “buy” rating reaffirmed by equities research analysts at Canaccord Genuity Group in a research note issued to investors on Tuesday,Benzinga reports. They presently have a $32.00 price target on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 114.48% from the stock’s current price.

Several other equities analysts have also recently commented on the company. Piper Sandler began coverage on Hut 8 in a report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price target for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $35.00 target price on shares of Hut 8 in a research report on Tuesday, January 7th. HC Wainwright lowered their price target on shares of Hut 8 from $35.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday. Craig Hallum raised their price objective on shares of Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Finally, Keefe, Bruyette & Woods assumed coverage on shares of Hut 8 in a research report on Wednesday, January 8th. They issued an “outperform” rating for the company. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $31.38.

Hut 8 Stock Up 6.4 %

NASDAQ HUT opened at $14.92 on Tuesday. The company’s fifty day moving average is $21.21 and its two-hundred day moving average is $18.72. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. Hut 8 has a 52-week low of $6.77 and a 52-week high of $31.95.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of HUT. Capital Performance Advisors LLP bought a new stake in shares of Hut 8 during the third quarter worth $40,000. Entropy Technologies LP acquired a new stake in shares of Hut 8 during the third quarter worth $170,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Hut 8 in the 3rd quarter valued at $9,997,000. Intech Investment Management LLC bought a new stake in Hut 8 in the 3rd quarter valued at $133,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in Hut 8 by 31.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 833,165 shares of the company’s stock worth $10,215,000 after purchasing an additional 197,074 shares during the period. 31.75% of the stock is owned by institutional investors and hedge funds.

About Hut 8

Hut 8 Corp., together with its subsidiaries, acquires, builds, manages, and operates data centers for digital assets mining, computing, and artificial intelligence in the United States. It operates in four segments: Digital Assets Mining, Managed Services, High Performance Computing Colocation and Cloud, and Other.