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

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

Several other equities research analysts also recently weighed in on HUT. HC Wainwright increased their price target on Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday. Craig Hallum upped their price target on shares of Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday. Needham & Company LLC boosted their price objective on shares of Hut 8 from $21.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday. Benchmark boosted their price target on Hut 8 from $17.00 to $32.00 and gave the company a “buy” rating in a report on Thursday. Finally, Stifel Nicolaus upped their price target on shares of Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a research report on Wednesday, October 30th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, Hut 8 has an average rating of “Buy” and an average price target of $30.17.

Hut 8 Price Performance

NASDAQ:HUT opened at $25.26 on Thursday. The business’s 50-day moving average is $14.15 and its 200 day moving average is $12.82. Hut 8 has a 12 month low of $6.18 and a 12 month high of $28.47. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 0.43.

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

Institutional Trading of Hut 8

Several large investors have recently bought and sold shares of HUT. Barclays PLC raised its stake in shares of Hut 8 by 29.7% during the 3rd quarter. Barclays PLC now owns 124,527 shares of the company’s stock valued at $1,526,000 after buying an additional 28,532 shares during the last quarter. Y Intercept Hong Kong Ltd increased its stake in shares of Hut 8 by 25.6% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 60,492 shares of the company’s stock valued at $742,000 after purchasing an additional 12,314 shares in the last quarter. XTX Topco Ltd acquired a new position in Hut 8 in the 3rd quarter worth about $162,000. State Street Corp increased its holdings in Hut 8 by 12.6% in the 3rd quarter. State Street Corp now owns 2,740,769 shares of the company’s stock worth $33,602,000 after acquiring an additional 307,292 shares in the last quarter. Finally, Centiva Capital LP purchased a new position in Hut 8 during the third quarter valued at $1,382,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Hut 8 Company Profile

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.