Hut 8 (NASDAQ:HUT) Given New $32.00 Price Target at Canaccord Genuity Group

by · The Cerbat Gem

Hut 8 (NASDAQ:HUT – Free Report) had its price objective lifted by Canaccord Genuity Group from $22.00 to $32.00 in a research report released on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other brokerages have also recently weighed in on HUT. Needham & Company LLC upped their price objective on shares of Hut 8 from $21.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday. Benchmark increased their price objective on shares of Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday. Stifel Nicolaus boosted their target price on shares of Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a research note on Wednesday, October 30th. HC Wainwright increased their price target on shares of Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Craig Hallum boosted their price objective on shares of Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $30.17.

Check Out Our Latest Stock Analysis on HUT

Hut 8 Price Performance

Shares of NASDAQ:HUT traded up $1.35 during trading on Thursday, hitting $24.49. 4,141,967 shares of the stock were exchanged, compared to its average volume of 5,090,934. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.68 and a quick ratio of 1.68. Hut 8 has a 1-year low of $6.18 and a 1-year high of $28.47. The company’s fifty day simple moving average is $13.87 and its 200-day simple moving average is $12.74.

Hut 8 (NASDAQ:HUT – Get Free Report) last issued its earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.11. The business had revenue of $35.22 million for the quarter, compared to analyst estimates of $38.00 million. Analysts forecast that Hut 8 will post -0.55 earnings per share for the current year.

Institutional Trading of Hut 8

Several institutional investors and hedge funds have recently bought and sold shares of HUT. D1 Capital Partners L.P. acquired a new stake in Hut 8 in the second quarter valued at $17,388,000. Vanguard Group Inc. raised its holdings in shares of Hut 8 by 8,329.2% in the 1st quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock valued at $30,770,000 after purchasing an additional 2,754,037 shares during the period. Millennium Management LLC grew its holdings in Hut 8 by 46.4% during the second quarter. Millennium Management LLC now owns 649,518 shares of the company’s stock worth $9,733,000 after purchasing an additional 205,836 shares during the period. Swiss National Bank increased its position in Hut 8 by 61.6% during the first quarter. Swiss National Bank now owns 141,940 shares of the company’s stock worth $1,567,000 after buying an additional 54,100 shares during the last quarter. Finally, Ninepoint Partners LP bought a new stake in Hut 8 in the second quarter valued at approximately $720,000. Institutional investors own 31.75% of the company’s stock.

Hut 8 Company Profile

(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.

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