Hut 8 (NASDAQ:HUT) Earns "Buy" Rating from Canaccord Genuity Group

Canaccord Genuity Group reiterated their buy rating on shares of Hut 8 (NASDAQ:HUT - Free Report) in a report published on Thursday morning, Benzinga reports. They currently have a $14.00 target price on the stock.

Other research analysts have also recently issued research reports about the stock. HC Wainwright boosted their price objective on shares of Hut 8 from $7.00 to $9.00 and gave the company a sell rating in a report on Thursday, March 28th. Needham & Company LLC increased their price objective on shares of Hut 8 from $12.00 to $13.00 and gave the stock a buy rating in a research report on Thursday. Craig Hallum raised shares of Hut 8 from a hold rating to a buy rating and set a $12.00 price objective on the stock in a research report on Thursday. Finally, Benchmark reiterated a buy rating and set a $12.00 target price on shares of Hut 8 in a report on Thursday. One research analyst has rated the stock with a sell rating and five have issued a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $12.25.

Hut 8 Price Performance

NASDAQ HUT traded up $0.09 during trading hours on Thursday, reaching $8.92. 3,163,962 shares of the company's stock were exchanged, compared to its average volume of 4,679,288. The company has a current ratio of 4.61, a quick ratio of 4.61 and a debt-to-equity ratio of 0.04. The stock has a market cap of $798.16 million, a PE ratio of -3.24 and a beta of 3.98. Hut 8 has a one year low of $6.18 and a one year high of $22.75. The firm has a fifty day moving average of $8.53 and a 200-day moving average of $8.06.

Insider Activity at Hut 8

In other news, CFO Shenif Visram sold 17,905 shares of the firm's stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $8.15, for a total transaction of $145,925.75. Following the completion of the transaction, the chief financial officer now owns 30,865 shares of the company's stock, valued at $251,549.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Van ECK Associates Corp increased its holdings in Hut 8 by 15.7% in the third quarter. Van ECK Associates Corp now owns 2,198,471 shares of the company's stock worth $4,287,000 after purchasing an additional 297,552 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Hut 8 by 203.4% during the 3rd quarter. Wellington Management Group LLP now owns 1,125,958 shares of the company's stock worth $2,224,000 after purchasing an additional 754,891 shares in the last quarter. SteelPeak Wealth LLC acquired a new stake in shares of Hut 8 in the 3rd quarter valued at about $393,000. Savior LLC acquired a new stake in shares of Hut 8 in the 4th quarter valued at about $1,543,000. Finally, Qube Research & Technologies Ltd acquired a new position in Hut 8 during the 3rd quarter worth approximately $3,429,000. Institutional investors and hedge funds own 31.75% of the company's stock.

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.