Canaccord Genuity Group Issues Positive Forecast for Hut 8 (NASDAQ:HUT) Stock Price

Key Points

• Canaccord Genuity Group raised its price target for Hut 8 (NASDAQ:HUT) from $32.00 to $36.00, indicating a potential upside of 71.49% from its current price.
• Hut 8's stock has a consensus rating of "Buy" from investment analysts, with an average price target of $26.94.
• The company recently reported earnings of ($0.14) per share, surpassing expectations but showing lower revenue of $41.72 million compared to forecasts.

Hut 8 (NASDAQ:HUT - Free Report) had its target price lifted by Canaccord Genuity Group from $32.00 to $36.00 in a research note published on Wednesday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

A number of other research analysts have also weighed in on HUT. Rosenblatt Securities cut their price objective on Hut 8 from $24.00 to $23.00 and set a "buy" rating for the company in a research report on Monday, August 11th. Needham & Company LLC restated a "buy" rating and set a $21.00 price objective on shares of Hut 8 in a research report on Friday, May 9th. HC Wainwright restated a "buy" rating and set a $25.00 price objective on shares of Hut 8 in a research report on Friday, May 9th. Northland Securities set a $26.00 price target on shares of Hut 8 in a report on Friday, July 11th. Finally, Roth Capital assumed coverage on shares of Hut 8 in a report on Friday, June 6th. They issued a "buy" rating and a $25.00 price target for the company. Four investment analysts have rated the stock with a Strong Buy rating and fifteen have assigned a Buy rating to the company. According to MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $26.94.

Hut 8 Stock Performance

Shares of Hut 8 stock traded up $2.00 during trading on Wednesday, reaching $23.37. 5,627,379 shares of the stock traded hands, compared to its average volume of 4,797,593. The business has a fifty day simple moving average of $20.51 and a two-hundred day simple moving average of $16.77. The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 0.19. Hut 8 has a 52-week low of $8.73 and a 52-week high of $31.95.

Hut 8 (NASDAQ:HUT - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.14) earnings per share for the quarter, beating analysts' consensus estimates of ($0.15) by $0.01. The firm had revenue of $41.72 million during the quarter, compared to analyst estimates of $49.10 million. Hut 8 had a return on equity of 8.73% and a net margin of 112.81%. On average, equities research analysts anticipate that Hut 8 will post -0.53 EPS for the current fiscal year.

Insider Transactions at Hut 8

In other Hut 8 news, Director Joseph Flinn sold 11,069 shares of the firm's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $15.77, for a total value of $174,558.13. Following the completion of the sale, the director owned 19,791 shares of the company's stock, valued at $312,104.07. This trade represents a 35.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 11.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Hut 8

Institutional investors have recently modified their holdings of the stock. Nisa Investment Advisors LLC increased its position in shares of Hut 8 by 116.4% during the second quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company's stock worth $28,000 after acquiring an additional 815 shares during the period. Advisors Asset Management Inc. increased its position in shares of Hut 8 by 68.4% during the second quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company's stock worth $30,000 after acquiring an additional 655 shares during the period. State of Wyoming purchased a new position in shares of Hut 8 during the first quarter worth approximately $32,000. Optiver Holding B.V. purchased a new position in shares of Hut 8 during the fourth quarter worth approximately $35,000. Finally, US Bancorp DE increased its position in shares of Hut 8 by 3,961.7% during the first quarter. US Bancorp DE now owns 3,290 shares of the company's stock worth $38,000 after acquiring an additional 3,209 shares during the period. 31.75% of the stock is owned by hedge funds and other institutional investors.

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.