Hut 8 (NASDAQ:HUT - Get Free Report)'s stock had its "buy" rating reissued by research analysts at Canaccord Genuity Group in a research note issued on Monday,Benzinga reports. They presently have a $32.00 target price on the stock. Canaccord Genuity Group's target price would indicate a potential upside of 86.81% from the company's previous close.
Several other equities research analysts have also recently issued reports on HUT. Maxim Group initiated coverage on Hut 8 in a research note on Thursday, May 1st. They set a "buy" rating and a $20.00 target price 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. HC Wainwright reiterated a "buy" rating and issued a $25.00 target price on shares of Hut 8 in a report on Friday, May 9th. Northland Securities started coverage on Hut 8 in a report on Monday, April 21st. They set an "outperform" rating and a $20.00 price target for the company. Finally, Northland Capmk raised Hut 8 to a "strong-buy" rating in a report on Monday, April 21st. Thirteen equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $25.93.
Check Out Our Latest Stock Report on Hut 8
Hut 8 Stock Performance
Shares of Hut 8 stock traded up $1.55 during mid-day trading on Monday, reaching $17.13. 10,986,080 shares of the stock traded hands, compared to its average volume of 5,680,232. The business has a 50-day moving average of $12.80 and a 200 day moving average of $18.92. Hut 8 has a fifty-two week low of $8.53 and a fifty-two week high of $31.95. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick 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) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.06). The firm had revenue of $20.88 million during the quarter, compared to analyst estimates of $33.68 million. As a group, analysts predict that Hut 8 will post -0.53 EPS for the current year.
Insider Activity at Hut 8
In other news, insider Victor Semah sold 11,363 shares of the business's stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $12.95, for a total transaction of $147,150.85. Following the sale, the insider now owns 15,738 shares of the company's stock, valued at $203,807.10. The trade was a 41.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 11.20% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Hut 8
Institutional investors have recently modified their holdings of the company. Nisa Investment Advisors LLC boosted its stake in shares of Hut 8 by 77.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company's stock worth $26,000 after acquiring an additional 545 shares in the last quarter. R Squared Ltd acquired a new stake in shares of Hut 8 during the 4th quarter worth $26,000. Optiver Holding B.V. acquired a new stake in Hut 8 in the 4th quarter valued at $35,000. Russell Investments Group Ltd. increased its holdings in Hut 8 by 832.4% in the 4th quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company's stock valued at $42,000 after purchasing an additional 1,823 shares in the last quarter. Finally, Principal Securities Inc. acquired a new stake in Hut 8 in the 4th quarter valued at $45,000. Hedge funds and other institutional investors own 31.75% of the company's stock.
About Hut 8
(
Get Free Report)
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.
Featured Stories
Before you consider Hut 8, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Hut 8 wasn't on the list.
While Hut 8 currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Looking for the next FAANG stock before everyone has heard about it? Enter your email address to see which stocks MarketBeat analysts think might become the next trillion dollar tech company.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
