Canaccord Genuity Group Reiterates Buy Rating for Hut 8 (NASDAQ:HUT)

Hut 8 (NASDAQ:HUT)‘s stock had its “buy” rating restated by equities researchers at Canaccord Genuity Group in a research report issued on Monday,Benzinga reports. They currently have a $32.00 price objective on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 93.94% from the company’s previous close.

A number of other brokerages also recently weighed in on HUT. Maxim Group initiated coverage on Hut 8 in a report on Thursday, May 1st. They issued a “buy” rating and a $20.00 target price for the company. UBS Group set a $33.00 target price on Hut 8 in a report on Wednesday, April 2nd. HC Wainwright reiterated a “buy” rating and issued a $25.00 target price on shares of Hut 8 in a report on Friday, May 9th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 target price on shares of Hut 8 in a report on Friday, March 7th. Finally, Northland Capmk upgraded Hut 8 to a “strong-buy” rating in a report on Monday, April 21st. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $26.00.

Hut 8 Stock Up 6.3%

NASDAQ:HUT opened at $16.50 on Monday. The stock’s 50-day simple moving average is $12.50 and its 200 day simple moving average is $18.97. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. Hut 8 has a twelve month low of $7.67 and a twelve month high of $31.95.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.06). The company had revenue of $20.88 million during the quarter, compared to analyst estimates of $33.68 million. Equities analysts predict that Hut 8 will post -0.53 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Victor Semah sold 11,363 shares of the company’s stock in a transaction on Monday, May 5th. The stock was sold at an average price of $12.95, for a total transaction of $147,150.85. Following the completion of the sale, the insider now owns 15,738 shares in the company, valued at approximately $203,807.10. This represents a 41.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 12.00% of the company’s stock.

Institutional Trading of Hut 8

Hedge funds have recently bought and sold shares of the company. Nisa Investment Advisors LLC boosted its stake in shares of 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 during the period. Summit Investment Advisors Inc. boosted its stake in shares of Hut 8 by 7.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 8,475 shares of the company’s stock worth $174,000 after acquiring an additional 618 shares during the period. Arizona State Retirement System boosted its stake in shares of Hut 8 by 2.8% in the fourth quarter. Arizona State Retirement System now owns 23,764 shares of the company’s stock worth $487,000 after acquiring an additional 637 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Hut 8 by 7.9% in the first quarter. Victory Capital Management Inc. now owns 11,127 shares of the company’s stock worth $129,000 after acquiring an additional 819 shares during the period. Finally, Foundations Investment Advisors LLC boosted its stake in shares of Hut 8 by 1.9% in the fourth quarter. Foundations Investment Advisors LLC now owns 50,687 shares of the company’s stock worth $1,039,000 after acquiring an additional 932 shares during the period. Hedge funds and other institutional investors own 31.75% of the company’s stock.

About Hut 8

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.