Hut 8 (NASDAQ:HUT) Given “Buy” Rating at Canaccord Genuity Group

Canaccord Genuity Group reissued their buy rating on shares of Hut 8 (NASDAQ:HUT) in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a $32.00 price target on the stock.

Other analysts also recently issued research reports about the stock. HC Wainwright reduced their price target on shares of Hut 8 from $35.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday. Keefe, Bruyette & Woods assumed coverage on Hut 8 in a research note on Wednesday, January 8th. They issued an “outperform” rating on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $35.00 target price on shares of Hut 8 in a report on Tuesday, January 7th. Piper Sandler assumed coverage on Hut 8 in a report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price target for the company. Finally, Craig Hallum increased 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, November 14th. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $31.38.

Hut 8 Price Performance

Hut 8 stock opened at $13.41 on Tuesday. Hut 8 has a 52 week low of $6.77 and a 52 week high of $31.95. The firm’s 50-day simple moving average is $21.00 and its 200 day simple moving average is $18.68. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35.

Institutional Investors Weigh In On Hut 8

Hedge funds have recently made changes to their positions in the business. Nisa Investment Advisors LLC boosted its position in shares of Hut 8 by 77.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock worth $26,000 after acquiring an additional 545 shares during the last quarter. Summit Investment Advisors Inc. raised its stake in Hut 8 by 7.9% during the fourth quarter. Summit Investment Advisors Inc. now owns 8,475 shares of the company’s stock worth $174,000 after purchasing an additional 618 shares during the period. Arizona State Retirement System boosted its holdings in shares of Hut 8 by 2.8% in the 4th quarter. Arizona State Retirement System now owns 23,764 shares of the company’s stock valued at $487,000 after purchasing an additional 637 shares during the last quarter. Foundations Investment Advisors LLC grew its stake in shares of Hut 8 by 1.9% during the 4th quarter. Foundations Investment Advisors LLC now owns 50,687 shares of the company’s stock valued at $1,039,000 after buying an additional 932 shares during the period. Finally, R Squared Ltd acquired a new stake in shares of Hut 8 during the 4th quarter worth $26,000. 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.