Canaccord Genuity Group Raises Hut 8 (NASDAQ:HUT) Price Target to $22.00

Hut 8 (NASDAQ:HUT) had its price target upped by Canaccord Genuity Group from $14.00 to $22.00 in a research report report published on Thursday, Benzinga reports. They currently have a buy rating on the stock.

HUT has been the topic of a number of other reports. Benchmark upped their target price on shares of Hut 8 from $12.00 to $17.00 and gave the stock a buy rating in a research report on Friday, June 21st. Craig Hallum upped their price objective on Hut 8 from $12.00 to $14.00 and gave the stock a buy rating in a report on Friday, June 14th. HC Wainwright reissued a sell rating and issued a $7.50 target price on shares of Hut 8 in a research note on Tuesday, June 25th. Finally, Needham & Company LLC upped their price target on Hut 8 from $13.00 to $15.00 and gave the company a buy rating in a research note on Monday, June 24th. One research analyst has rated the stock with a sell rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $15.08.

Hut 8 Price Performance

HUT stock opened at $14.99 on Thursday. The business has a fifty day moving average price of $9.98 and a 200 day moving average price of $9.64. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.18. Hut 8 has a fifty-two week low of $6.18 and a fifty-two week high of $22.75.

Hut 8 (NASDAQ:HUT) last announced its earnings results on Wednesday, May 15th. The company reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.11). The business had revenue of $51.74 million during the quarter, compared to analyst estimates of $50.60 million. Hut 8 had a negative net margin of 184.31% and a negative return on equity of 24.58%. On average, analysts anticipate that Hut 8 will post -0.43 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Shenif Visram sold 17,905 shares of the company’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $8.15, for a total value of $145,925.75. Following the completion of the sale, the chief financial officer now directly owns 30,865 shares of the company’s stock, valued at approximately $251,549.75. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 12.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Hut 8

Several institutional investors and hedge funds have recently made changes to their positions in HUT. Triton Wealth Management PLLC raised its stake in Hut 8 by 24.9% during the 1st quarter. Triton Wealth Management PLLC now owns 12,490 shares of the company’s stock worth $138,000 after buying an additional 2,490 shares during the period. Global Retirement Partners LLC lifted its holdings in shares of Hut 8 by 280.1% during the 1st quarter. Global Retirement Partners LLC now owns 5,428 shares of the company’s stock valued at $60,000 after purchasing an additional 4,000 shares in the last quarter. Headlands Technologies LLC acquired a new position in shares of Hut 8 in the 1st quarter valued at approximately $255,000. AM Investment Strategies LLC bought a new stake in Hut 8 during the 4th quarter worth approximately $597,000. Finally, Foundations Investment Advisors LLC acquired a new stake in Hut 8 during the 4th quarter worth approximately $605,000. Institutional investors and hedge funds 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.