Canaccord Genuity Group Reaffirms “Buy” Rating for Hut 8 (NASDAQ:HUT)

Hut 8 (NASDAQ:HUT)‘s stock had its “buy” rating restated by research analysts at Canaccord Genuity Group in a note issued to investors on Thursday, Benzinga reports. They presently have a $3.50 price objective on the stock. Canaccord Genuity Group’s price target points to a potential downside of 68.92% from the stock’s current price.

A number of other analysts also recently weighed in on HUT. HC Wainwright increased their price target on shares of Hut 8 from $7.00 to $9.00 and gave the company a “sell” rating in a report on Thursday. Stifel Nicolaus increased their price target on shares of Hut 8 from $3.25 to $15.00 and gave the company a “speculative buy” rating in a report on Monday, January 8th. Finally, Needham & Company LLC initiated coverage on shares of Hut 8 in a report on Monday, March 18th. They issued a “buy” rating and a $12.00 price target for the company.

Hut 8 Stock Up 14.2 %

Shares of HUT traded up $1.40 during mid-day trading on Thursday, hitting $11.26. 12,610,621 shares of the company’s stock were exchanged, compared to its average volume of 5,717,575. The firm has a fifty day moving average of $8.18 and a two-hundred day moving average of $6.43. Hut 8 has a twelve month low of $6.18 and a twelve month high of $22.75. The stock has a market cap of $499.38 million, a price-to-earnings ratio of -4.25 and a beta of 3.86. The company has a quick ratio of 4.61, a current ratio of 4.61 and a debt-to-equity ratio of 0.04.

Hedge Funds Weigh In On Hut 8

A number of hedge funds and other institutional investors have recently made changes to their positions in HUT. Quantbot Technologies LP acquired a new stake in shares of Hut 8 during the 1st quarter worth about $28,000. Citigroup Inc. increased its position in shares of Hut 8 by 1,045.6% during the 1st quarter. Citigroup Inc. now owns 8,592 shares of the company’s stock worth $47,000 after purchasing an additional 7,842 shares in the last quarter. D.A. Davidson & CO. acquired a new stake in shares of Hut 8 during the 1st quarter worth about $59,000. Private Advisor Group LLC acquired a new stake in shares of Hut 8 during the 2nd quarter worth about $39,000. Finally, Vontobel Holding Ltd. acquired a new stake in shares of Hut 8 during the 1st quarter worth about $74,000. 31.75% of the stock is owned by institutional investors.

Hut 8 Company Profile

Hut 8 Corp. provides digital asset mining and high-performance computing infrastructure solutions in Canada. It operates computing infrastructure sites mines Bitcoin, as well as delivers cloud, colocation, and computing services to enterprise customers. The company was founded in 2017 and is based in Miami, Florida.