Canaccord Genuity Group Forecasts Strong Price Appreciation for Hut 8 (NASDAQ:HUT) Stock

Hut 8 (NASDAQ:HUT) had its target price increased by Canaccord Genuity Group from $22.00 to $32.00 in a research note released on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

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

Hut 8 Trading Up 9.2 %

Shares of NASDAQ:HUT opened at $25.26 on Thursday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 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 business’s 50 day moving average is $14.47 and its 200-day moving average is $12.97.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Capital Performance Advisors LLP bought a new stake in Hut 8 during the 3rd quarter worth about $40,000. Amalgamated Bank acquired a new position in shares of Hut 8 during the second quarter worth approximately $42,000. Intech Investment Management LLC bought a new stake in shares of Hut 8 during the third quarter valued at approximately $133,000. Victory Capital Management Inc. acquired a new stake in shares of Hut 8 in the second quarter valued at approximately $154,000. Finally, XTX Topco Ltd bought a new position in Hut 8 in the 3rd quarter worth approximately $162,000. 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.