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

Hut 8 (NASDAQ:HUT)‘s stock had its “buy” rating restated by Canaccord Genuity Group in a note issued to investors on Tuesday,Benzinga reports. They presently have a $32.00 target price on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 127.27% from the company’s current price.

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

Hut 8 Price Performance

NASDAQ:HUT opened at $14.08 on Tuesday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. Hut 8 has a 12-month low of $6.77 and a 12-month high of $31.95. The stock’s fifty day simple moving average is $21.60 and its 200-day simple moving average is $18.73.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Nisa Investment Advisors LLC lifted its stake in shares of Hut 8 by 77.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock valued at $26,000 after buying an additional 545 shares in the last quarter. R Squared Ltd purchased a new position in shares of Hut 8 in the fourth quarter worth about $26,000. Optiver Holding B.V. purchased a new stake in shares of Hut 8 during the fourth quarter valued at approximately $35,000. Russell Investments Group Ltd. raised its holdings in Hut 8 by 832.4% during the 4th quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company’s stock valued at $42,000 after buying an additional 1,823 shares during the last quarter. Finally, Principal Securities Inc. purchased a new stake in Hut 8 during the 4th quarter valued at $45,000. Institutional investors own 31.75% of the company’s stock.

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.