Canaccord Genuity Group Issues Positive Forecast for Hut 8 (NASDAQ:HUT) Stock Price

Hut 8 (NASDAQ:HUT) had its price target raised by Canaccord Genuity Group from $36.00 to $54.00 in a research note published on Wednesday, MarketBeat reports. Canaccord Genuity Group currently has a buy rating on the stock.

HUT has been the topic of several other reports. Benchmark increased their price target on shares of Hut 8 from $36.00 to $78.00 and gave the company a “buy” rating in a report on Tuesday, October 28th. B. Riley reiterated a “buy” rating on shares of Hut 8 in a research note on Wednesday, October 22nd. Maxim Group lifted their price target on Hut 8 from $23.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, August 11th. BTIG Research upped their price objective on shares of Hut 8 from $33.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, October 14th. Finally, Rosenblatt Securities upped their target price on Hut 8 from $30.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $47.75.

Hut 8 Price Performance

Shares of HUT opened at $47.00 on Wednesday. The company has a market cap of $4.96 billion, a price-to-earnings ratio of -85.45 and a beta of 4.40. The company’s fifty day simple moving average is $39.49 and its 200 day simple moving average is $25.79. Hut 8 has a 1-year low of $10.04 and a 1-year high of $57.29. The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 0.19.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings results on Tuesday, November 4th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.09. The business had revenue of $84.36 million during the quarter, compared to analysts’ expectations of $64.70 million. Hut 8 had a return on equity of 9.02% and a net margin of 115.39%. On average, research analysts forecast that Hut 8 will post -0.53 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Sean Joseph Glennan sold 6,060 shares of the firm’s stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $22.09, for a total value of $133,865.40. Following the transaction, the chief financial officer owned 6,295 shares of the company’s stock, valued at approximately $139,056.55. This trade represents a 49.05% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joseph Flinn sold 8,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $26.55, for a total value of $225,675.00. Following the completion of the transaction, the director owned 9,791 shares in the company, valued at $259,951.05. This represents a 46.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 16,060 shares of company stock valued at $399,485. 11.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Hut 8

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in shares of Hut 8 by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 6,546,935 shares of the company’s stock worth $76,075,000 after purchasing an additional 87,550 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Hut 8 by 13.7% in the 2nd quarter. Geode Capital Management LLC now owns 2,563,091 shares of the company’s stock valued at $47,679,000 after acquiring an additional 309,113 shares in the last quarter. Ameriprise Financial Inc. grew its stake in Hut 8 by 1,043.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,486,814 shares of the company’s stock worth $46,255,000 after buying an additional 2,269,237 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in Hut 8 by 181.2% in the first quarter. Massachusetts Financial Services Co. MA now owns 1,287,163 shares of the company’s stock valued at $14,957,000 after acquiring an additional 829,484 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Hut 8 by 74.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,104,612 shares of the company’s stock valued at $12,835,000 after buying an additional 471,355 shares in the last quarter. 31.75% of the stock is owned by hedge funds and other institutional investors.

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.