Hut 8 (NASDAQ:HUT) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Hut 8 (NASDAQ:HUT) had its price target hoisted by stock analysts at Canaccord Genuity Group from $22.00 to $32.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 26.68% from the stock’s previous close.

Other research analysts have also issued research reports about the stock. Needham & Company LLC raised their target price on shares of Hut 8 from $21.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday. Benchmark upped their price target on shares of Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday. Craig Hallum boosted their price objective on Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday. Stifel Nicolaus lifted their price objective on shares of Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a research note on Wednesday, October 30th. Finally, HC Wainwright boosted their price target on Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $30.17.

Hut 8 Price Performance

Shares of NASDAQ HUT opened at $25.26 on Thursday. Hut 8 has a 12 month low of $6.18 and a 12 month high of $28.47. The business’s 50 day moving average is $14.15 and its two-hundred day moving average is $12.82. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 0.43.

Hut 8 (NASDAQ:HUT) last issued its earnings results on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.09) by $0.11. The firm had revenue of $35.22 million during the quarter, compared to analyst estimates of $38.00 million. On average, analysts predict that Hut 8 will post -0.55 earnings per share for the current year.

Institutional Trading of Hut 8

Hedge funds and other institutional investors have recently bought and sold shares of the stock. D1 Capital Partners L.P. bought a new stake in shares of Hut 8 during the 2nd quarter valued at $17,388,000. Vanguard Group Inc. lifted its stake in Hut 8 by 8,329.2% during the 1st quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock valued at $30,770,000 after acquiring an additional 2,754,037 shares during the period. Millennium Management LLC increased its position in Hut 8 by 46.4% during the second quarter. Millennium Management LLC now owns 649,518 shares of the company’s stock valued at $9,733,000 after acquiring an additional 205,836 shares during the last quarter. Swiss National Bank lifted its stake in shares of Hut 8 by 61.6% in the 1st quarter. Swiss National Bank now owns 141,940 shares of the company’s stock worth $1,567,000 after purchasing an additional 54,100 shares during the period. Finally, Ninepoint Partners LP bought a new position in Hut 8 in the second quarter worth approximately $720,000. Institutional investors own 31.75% of the company’s stock.

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.