Hut 8’s (HUT) Buy Rating Reiterated at Canaccord Genuity Group

Hut 8 (NASDAQ:HUT)‘s stock had its “buy” rating reaffirmed by analysts at Canaccord Genuity Group in a research note issued on Thursday, Benzinga reports. They currently have a $3.50 price objective on the stock. Canaccord Genuity Group’s price target would suggest a potential downside of 68.92% from the stock’s current price.

HUT has been the topic of a number of other reports. Needham & Company LLC began coverage on shares of Hut 8 in a research note on Monday, March 18th. They set a “buy” rating and a $12.00 price objective on the stock. HC Wainwright increased their price objective on shares of Hut 8 from $7.00 to $9.00 and gave the stock a “sell” rating in a report on Thursday. Finally, Stifel Nicolaus increased their price objective on shares of Hut 8 from $3.25 to $15.00 and gave the stock a “speculative buy” rating in a report on Monday, January 8th.

Hut 8 Trading Up 14.2 %

Shares of HUT traded up $1.40 on Thursday, hitting $11.26. 12,610,621 shares of the stock traded hands, compared to its average volume of 5,717,575. Hut 8 has a 1 year low of $6.18 and a 1 year high of $22.75. The company has a quick ratio of 4.61, a current ratio of 4.61 and a debt-to-equity ratio of 0.04. The stock’s 50 day moving average is $8.18 and its two-hundred day moving average is $6.43. The firm has a market capitalization of $499.38 million, a P/E ratio of -4.25 and a beta of 3.86.

Institutional Trading of Hut 8

Several institutional investors have recently made changes to their positions in HUT. Van ECK Associates Corp lifted its stake 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 valued at $4,287,000 after acquiring an additional 297,552 shares during the last quarter. GSG Advisors LLC bought a new position in shares of Hut 8 in the third quarter valued at approximately $273,000. Wellington Management Group LLP raised its position in shares of Hut 8 by 203.4% in the third quarter. Wellington Management Group LLP now owns 1,125,958 shares of the company’s stock valued at $2,224,000 after purchasing an additional 754,891 shares during the period. SteelPeak Wealth LLC bought a new position in shares of Hut 8 in the third quarter valued at approximately $393,000. Finally, Qube Research & Technologies Ltd bought a new position in shares of Hut 8 in the third quarter valued at approximately $3,429,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Hut 8 Company Profile

Hut 8 Corp. provides digital asset mining and high-performance computing infrastructure solutions in Canada. It operates computing infrastructure sites mines Bitcoin, as well as delivers cloud, colocation, and computing services to enterprise customers. The company was founded in 2017 and is based in Miami, Florida.