Hut 8's (HUT) "Buy" Rating Reaffirmed at Canaccord Genuity Group

Hut 8 (NASDAQ:HUT - Get Free Report)'s stock had its "buy" rating reaffirmed by analysts at Canaccord Genuity Group in a research report issued to clients and investors on Wednesday, Benzinga reports. They presently have a $130.00 target price on the stock. Canaccord Genuity Group's target price points to a potential upside of 40.97% from the stock's current price.

HUT has been the topic of several other research reports. Weiss Ratings cut shares of Hut 8 from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Wednesday, August 19th. Freedom Broker raised shares of Hut 8 to a "strong-buy" rating in a research note on Tuesday, August 18th. Needham & Company LLC lowered their price target on shares of Hut 8 from $145.00 to $138.00 and set a "buy" rating on the stock in a research report on Wednesday, August 5th. Rothschild & Co Redburn began coverage on shares of Hut 8 in a research note on Monday, September 21st. They set a "neutral" rating and a $96.00 price objective for the company. Finally, Loop Capital set a $226.00 target price on shares of Hut 8 in a research note on Monday, June 22nd. Three research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $143.95.

Hut 8 Price Performance

NASDAQ:HUT opened at $92.22 on Wednesday. The stock has a 50 day moving average of $91.09 and a two-hundred day moving average of $92.87. Hut 8 has a 12 month low of $31.67 and a 12 month high of $140.80. The firm has a market cap of $11.37 billion, a P/E ratio of -16.92 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 - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($0.72). The firm had revenue of $74.93 million during the quarter, compared to analysts' expectations of $79.37 million. Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. During the same quarter last year, the business earned $1.18 EPS. On average, analysts expect that Hut 8 will post -2.98 earnings per share for the current fiscal year.

Insider Transactions at Hut 8

In other Hut 8 news, Director Mayo A. Shattuck III sold 20,000 shares of the business's stock in a transaction dated Thursday, September 24th. The shares were sold at an average price of $100.00, for a total value of $2,000,000.00. Following the transaction, the director directly owned 89,408 shares in the company, valued at $8,940,800. The trade was a 18.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Sean Glennan sold 6,445 shares of the stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $78.76, for a total transaction of $507,608.20. Following the completion of the sale, the chief financial officer directly owned 17,978 shares of the company's stock, valued at approximately $1,415,947.28. This trade represents a 26.39% decrease in their position. 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. Corporate insiders own 10.40% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in HUT. BlackRock Inc. purchased a new stake in shares of Hut 8 in the 2nd quarter valued at approximately $1,093,294,000. Sachem Head Capital Management LP purchased a new position in shares of Hut 8 during the 4th quarter worth approximately $129,780,000. Oasis Management Co Ltd. increased its holdings in Hut 8 by 231.5% in the 4th quarter. Oasis Management Co Ltd. now owns 2,307,683 shares of the company's stock valued at $106,015,000 after purchasing an additional 1,611,653 shares during the last quarter. Avala Global LP acquired a new stake in Hut 8 in the 2nd quarter valued at approximately $144,602,000. Finally, Wellington Management Group LLP purchased a new stake in Hut 8 in the second quarter valued at approximately $97,949,000. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

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.