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

Canaccord Genuity Group reissued their buy rating on shares of Hut 8 (NASDAQ:HUTFree Report) in a research note published on Thursday morning, Benzinga reports. Canaccord Genuity Group currently has a $14.00 price objective on the stock.

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

Get Our Latest Report on Hut 8

Hut 8 Trading Up 2.7 %

Shares of HUT opened at $9.16 on Thursday. The stock has a 50-day simple moving average of $8.58 and a 200-day simple moving average of $8.11. The company has a current ratio of 4.61, a quick ratio of 4.61 and a debt-to-equity ratio of 0.04. Hut 8 has a 1 year low of $6.18 and a 1 year high of $22.75.

Insider Buying and Selling

In other Hut 8 news, CFO Shenif Visram sold 17,905 shares of the company’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $8.15, for a total value of $145,925.75. Following the sale, 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Institutional Trading of Hut 8

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Hut 8 by 8,329.2% in the first quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock valued at $30,770,000 after acquiring an additional 2,754,037 shares in the last quarter. Qube Research & Technologies Ltd purchased a new stake in shares of Hut 8 in the third quarter valued at $3,429,000. Tidal Investments LLC purchased a new stake in shares of Hut 8 in the first quarter valued at $18,191,000. Wellington Management Group LLP lifted 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 acquiring an additional 754,891 shares in the last quarter. Finally, Van ECK Associates Corp lifted its position in shares of Hut 8 by 79.6% in the first quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company’s stock valued at $13,920,000 after acquiring an additional 558,824 shares in the last quarter. Institutional investors and hedge funds own 31.75% of the company’s stock.

Hut 8 Company Profile

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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.

Further Reading

Analyst Recommendations for Hut 8 (NASDAQ:HUT)

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