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

Hut 8 (NASDAQ:HUT)‘s stock had its “buy” rating reiterated by research analysts at Canaccord Genuity Group in a research note issued on Tuesday,Benzinga reports. They presently have a $32.00 price target on the stock. Canaccord Genuity Group’s price objective indicates a potential upside of 114.48% from the stock’s current price.

A number of other analysts have also commented on the stock. Keefe, Bruyette & Woods began coverage on shares of Hut 8 in a research note on Wednesday, January 8th. They set an “outperform” rating for the company. HC Wainwright reduced their price target on shares of Hut 8 from $35.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday. Craig Hallum boosted their target price on shares of Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $30.00 target price on shares of Hut 8 in a research report on Tuesday. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $35.00 price target on shares of Hut 8 in a report on Tuesday, January 7th. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Hut 8 presently has a consensus rating of “Buy” and a consensus price target of $31.38.

Hut 8 Stock Performance

Shares of NASDAQ:HUT opened at $14.92 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. The stock has a fifty day moving average of $21.21 and a 200-day moving average of $18.72. Hut 8 has a one year low of $6.77 and a one year high of $31.95.

Institutional Trading of Hut 8

A number of institutional investors have recently added to or reduced their stakes in HUT. Neo Ivy Capital Management acquired a new position in shares of Hut 8 during the 4th quarter valued at about $252,000. Two Seas Capital LP boosted its holdings in shares of Hut 8 by 132.7% during the 4th quarter. Two Seas Capital LP now owns 476,808 shares of the company’s stock worth $9,770,000 after buying an additional 271,892 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Hut 8 by 25.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 167,469 shares of the company’s stock valued at $3,431,000 after buying an additional 33,713 shares during the last quarter. Voloridge Investment Management LLC acquired a new position in Hut 8 in the 4th quarter valued at $24,170,000. Finally, Vennlight Capital Management LP bought a new position in Hut 8 in the 4th quarter worth $2,414,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

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.