Hut 8 (NASDAQ:HUT) Trading 6.7% Higher Following Analyst Upgrade

Hut 8 Corp. (NASDAQ:HUT) shares rose 6.7% during trading on Thursday after Canaccord Genuity Group raised their price target on the stock from $54.00 to $62.00. Canaccord Genuity Group currently has a buy rating on the stock. Hut 8 traded as high as $45.64 and last traded at $42.8360. Approximately 2,984,835 shares traded hands during trading, a decline of 52% from the average daily volume of 6,189,044 shares. The stock had previously closed at $40.16.

Several other equities analysts have also recently commented on the company. Rosenblatt Securities reaffirmed a “buy” rating and issued a $65.00 price target on shares of Hut 8 in a report on Wednesday, November 5th. Piper Sandler set a $74.00 price objective on Hut 8 and gave the company an “overweight” rating in a research note on Monday, October 20th. Roth Capital reiterated a “buy” rating and issued a $60.00 price objective (up previously from $31.00) on shares of Hut 8 in a report on Monday, September 15th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Hut 8 in a research report on Monday. Finally, Wall Street Zen upgraded Hut 8 from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $51.93.

Institutional Investors Weigh In On Hut 8

Hedge funds have recently modified their holdings of the business. Ameriprise Financial Inc. lifted its position in shares of Hut 8 by 1,043.0% in the second quarter. Ameriprise Financial Inc. now owns 2,486,814 shares of the company’s stock worth $46,255,000 after purchasing an additional 2,269,237 shares in the last quarter. Value Aligned Research Advisors LLC lifted its stake in Hut 8 by 110.2% in the third quarter. Value Aligned Research Advisors LLC now owns 1,948,995 shares of the company’s stock worth $67,845,000 after purchasing an additional 1,021,955 shares during the last quarter. Voloridge Investment Management LLC purchased a new stake in shares of Hut 8 in the 3rd quarter worth about $35,044,000. Nishkama Capital LLC bought a new position in shares of Hut 8 during the 3rd quarter valued at $28,137,000. Finally, Thames Capital Management LLC bought a new position in shares of Hut 8 in the third quarter worth about $25,084,000. 31.75% of the stock is owned by institutional investors.

Hut 8 Stock Performance

The business has a 50-day moving average of $43.82 and a 200-day moving average of $31.30. The company has a market capitalization of $4.58 billion, a P/E ratio of -110.10 and a beta of 4.41. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.72 and a quick ratio of 0.72.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings data on Tuesday, November 4th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.09. Hut 8 had a return on equity of 8.06% and a net margin of 115.39%.The company had revenue of $80.72 million for the quarter, compared to analyst estimates of $64.70 million. On average, sell-side analysts anticipate that Hut 8 Corp. will post -0.53 EPS for the current year.

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.