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

Canaccord Genuity Group reiterated their buy rating on shares of Hut 8 (NASDAQ:HUT) in a report released on Tuesday,Benzinga reports. The firm currently has a $32.00 price target on the stock.

HUT has been the subject of a number of other research reports. Keefe, Bruyette & Woods started coverage on Hut 8 in a research note on Wednesday, January 8th. They issued an “outperform” rating for the company. Benchmark reiterated a “buy” rating and set a $41.00 price target on shares of Hut 8 in a research note on Tuesday, January 7th. Piper Sandler initiated coverage on shares of Hut 8 in a research report on Tuesday, December 17th. They set an “overweight” rating and a $33.00 price objective on the stock. HC Wainwright reduced their target price on shares of Hut 8 from $35.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday. Finally, Craig Hallum raised their price target on Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $31.38.

Hut 8 Stock Performance

HUT opened at $13.41 on Tuesday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. Hut 8 has a one year low of $6.77 and a one year high of $31.95. The business’s 50-day simple moving average is $21.00 and its 200-day simple moving average is $18.68.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC raised its position in Hut 8 by 77.9% in the fourth 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 purchased a new position in shares of Hut 8 in the 4th quarter valued at about $26,000. Optiver Holding B.V. purchased a new position in shares of Hut 8 in the 4th quarter valued at about $35,000. Capital Performance Advisors LLP acquired a new stake in shares of Hut 8 in the third quarter valued at about $40,000. Finally, Russell Investments Group Ltd. grew its position in Hut 8 by 832.4% during the fourth quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company’s stock worth $42,000 after buying an additional 1,823 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.