Hut 8 (NASDAQ:HUT) Price Target Increased to $22.00 by Analysts at Canaccord Genuity Group

Hut 8 (NASDAQ:HUT) had its price objective lifted by Canaccord Genuity Group from $14.00 to $22.00 in a research note issued to investors on Thursday morning, Benzinga reports. They currently have a buy rating on the stock.

HUT has been the topic of a number of other research reports. HC Wainwright reaffirmed a sell rating and set a $7.50 target price on shares of Hut 8 in a report on Tuesday, June 25th. Benchmark boosted their price objective on shares of Hut 8 from $12.00 to $17.00 and gave the company a buy rating in a research report on Friday, June 21st. Needham & Company LLC lifted their target price on Hut 8 from $13.00 to $15.00 and gave the company a buy rating in a research note on Monday, June 24th. Finally, Craig Hallum increased their price target on Hut 8 from $12.00 to $14.00 and gave the stock a buy rating in a research report on Friday, June 14th. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average 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 company has a debt-to-equity ratio of 0.18, a quick ratio of 0.31 and a current ratio of 0.31. The stock’s 50 day moving average is $9.98 and its two-hundred day moving average is $9.64. Hut 8 has a 52-week low of $6.18 and a 52-week high of $22.75.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings data on Wednesday, May 15th. The company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.11). The company had revenue of $51.74 million for the quarter, compared to the consensus estimate 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 predict that Hut 8 will post -0.43 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Shenif Visram sold 17,905 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The shares were 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 available at this hyperlink. 12.00% of the stock is currently owned by insiders.

Institutional Trading of Hut 8

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Global Retirement Partners LLC boosted its holdings in Hut 8 by 280.1% during the first quarter. Global Retirement Partners LLC now owns 5,428 shares of the company’s stock worth $60,000 after buying an additional 4,000 shares in the last quarter. Triton Wealth Management PLLC grew its holdings in shares of Hut 8 by 24.9% in the 1st quarter. Triton Wealth Management PLLC now owns 12,490 shares of the company’s stock worth $138,000 after acquiring an additional 2,490 shares during the last quarter. Headlands Technologies LLC acquired a new stake in shares of Hut 8 during the first quarter worth $255,000. AM Investment Strategies LLC acquired a new stake in shares of Hut 8 during the fourth quarter worth $597,000. Finally, Foundations Investment Advisors LLC purchased a new stake in shares of Hut 8 during the fourth quarter valued at $605,000. 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.