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

Hut 8 (NASDAQ:HUT - Get Free Report)'s stock had its "buy" rating reaffirmed by analysts at Canaccord Genuity Group in a research note issued to investors on Monday,Benzinga reports. They currently have a $32.00 price objective on the stock. Canaccord Genuity Group's target price indicates a potential upside of 130.38% from the company's previous close.

Other equities research analysts have also recently issued reports about the company. Maxim Group started coverage on Hut 8 in a research note on Thursday, May 1st. They issued a "buy" rating and a $20.00 price objective for the company. Rosenblatt Securities initiated coverage on Hut 8 in a report on Friday, March 7th. They issued a "buy" rating and a $23.00 target price for the company. Needham & Company LLC reissued a "buy" rating and issued a $21.00 target price on shares of Hut 8 in a report on Friday. Northland Capmk raised Hut 8 to a "strong-buy" rating in a research note on Monday, April 21st. Finally, UBS Group set a $33.00 price objective on Hut 8 in a research note on Wednesday, April 2nd. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Hut 8 currently has an average rating of "Buy" and a consensus price target of $26.00.

Hut 8 Trading Down 2.0%

NASDAQ HUT opened at $13.89 on Monday. The stock's 50 day simple moving average is $12.49 and its 200-day simple moving average is $18.96. Hut 8 has a 1-year low of $7.67 and a 1-year high of $31.95. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00.

Hut 8 (NASDAQ:HUT - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.06). The company had revenue of $20.88 million during the quarter, compared to analysts' expectations of $33.68 million. Research analysts anticipate that Hut 8 will post -0.53 earnings per share for the current year.

Insider Buying and Selling at Hut 8

In other news, insider Victor Semah sold 11,363 shares of the business's stock in a transaction on Monday, May 5th. The shares were sold at an average price of $12.95, for a total transaction of $147,150.85. Following the transaction, the insider now directly owns 15,738 shares in the company, valued at $203,807.10. The trade was a 41.93% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 12.00% of the company's stock.

Institutional Investors Weigh In On Hut 8

A number of large investors have recently bought and sold shares of the business. Jericho Capital Asset Management L.P. acquired a new stake in shares of Hut 8 in the fourth quarter valued at about $37,400,000. D. E. Shaw & Co. Inc. bought a new stake in shares of Hut 8 in the fourth quarter valued at about $27,115,000. Voloridge Investment Management LLC bought a new position in Hut 8 during the fourth quarter worth about $24,170,000. Arrowstreet Capital Limited Partnership bought a new position in Hut 8 during the fourth quarter worth about $23,009,000. Finally, Invesco Ltd. lifted its stake in Hut 8 by 1,408.8% during the fourth quarter. Invesco Ltd. now owns 936,650 shares of the company's stock worth $19,192,000 after purchasing an additional 874,572 shares during the period. 31.75% of the stock is currently owned by 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.

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