Canaccord Genuity Group Reaffirms “Buy” Rating for Hut 8 (NASDAQ:HUT)

Hut 8 (NASDAQ:HUT)‘s stock had its “buy” rating reiterated by equities researchers at Canaccord Genuity Group in a research note issued on Wednesday, Benzinga reports. They currently have a $130.00 target price on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 63.34% from the stock’s current price.

Several other research firms have also recently issued reports on HUT. Maxim Group raised shares of Hut 8 to a “strong-buy” rating in a research report on Wednesday, August 5th. Wall Street Zen lowered shares of Hut 8 from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 1st. Rosenblatt Securities reaffirmed a “buy” rating and set a $124.00 price target on shares of Hut 8 in a research note on Wednesday, August 5th. B. Riley Financial lifted their price target on shares of Hut 8 from $130.00 to $163.00 and gave the company a “buy” rating in a report on Monday, August 3rd. Finally, Needham & Company LLC lowered their price objective on shares of Hut 8 from $145.00 to $138.00 and set a “buy” rating for the company in a research note on Wednesday, August 5th. Three equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $145.23.

Hut 8 Stock Performance

Hut 8 stock opened at $79.59 on Wednesday. The stock has a fifty day moving average price of $90.54 and a 200 day moving average price of $93.37. Hut 8 has a 52 week low of $31.67 and a 52 week high of $140.80. The firm has a market capitalization of $9.81 billion, a P/E ratio of -14.60 and a beta of 4.62. The company has a current ratio of 19.35, a quick ratio of 19.35 and a debt-to-equity ratio of 4.22.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.72). The business had revenue of $74.93 million during the quarter, compared to analyst estimates of $79.37 million. Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%.During the same period in the previous year, the business posted $1.18 earnings per share. Equities research analysts anticipate that Hut 8 will post -2.98 earnings per share for the current year.

Insider Transactions at Hut 8

In other Hut 8 news, Director Mayo A. Shattuck III sold 20,000 shares of Hut 8 stock in a transaction that occurred on Thursday, September 24th. The shares were sold at an average price of $100.00, for a total transaction of $2,000,000.00. Following the transaction, the director directly owned 89,408 shares of the company’s stock, valued at $8,940,800. The trade was a 18.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Sean Glennan sold 6,445 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $78.76, for a total transaction of $507,608.20. Following the sale, the chief financial officer owned 17,978 shares of the company’s stock, valued at approximately $1,415,947.28. This represents a 26.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 10.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Hut 8

Hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. acquired a new stake in Hut 8 in the 2nd quarter valued at $1,093,294,000. Avala Global LP purchased a new stake in shares of Hut 8 in the second quarter worth about $144,602,000. Sachem Head Capital Management LP purchased a new stake in shares of Hut 8 in the fourth quarter worth about $129,780,000. Oasis Management Co Ltd. grew its stake in shares of Hut 8 by 231.5% in the fourth quarter. Oasis Management Co Ltd. now owns 2,307,683 shares of the company’s stock valued at $106,015,000 after buying an additional 1,611,653 shares in the last quarter. Finally, Wellington Management Group LLP acquired a new stake in shares of Hut 8 in the second quarter valued at about $97,949,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

About Hut 8

Hut 8 Corp. (NASDAQ: HUT) is a North American energy infrastructure and digital asset mining company. Its operations include cryptocurrency mining, with a primary focus on Bitcoin, as well as the development and management of data center infrastructure supported by its energy resources.

The company owns and operates mining and data center facilities in the United States and Canada. In addition to self-mining digital assets, Hut 8 has pursued opportunities in high-performance computing and artificial intelligence infrastructure, using its power capacity, data center sites and related development capabilities to support evolving computing demand.

Hut 8 was originally established as Hut 8 Mining Corp., a Canadian cryptocurrency mining company.