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

Hut 8 (NASDAQ:HUT)‘s stock had its “buy” rating reiterated by equities researchers at Canaccord Genuity Group in a research report issued on Wednesday, Benzinga reports. They presently have a $130.00 price objective on the stock. Canaccord Genuity Group’s target price points to a potential upside of 46.23% from the company’s current price.

A number of other equities research analysts have also recently weighed in on HUT. Piper Sandler lifted their price objective on shares of Hut 8 from $127.00 to $143.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. Freedom Broker upgraded shares of Hut 8 to a “strong-buy” rating in a research note on Tuesday, August 18th. Compass Point set a $195.00 price objective on shares of Hut 8 in a research note on Wednesday, July 22nd. BTIG Research lifted their price objective on shares of Hut 8 from $115.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. Finally, Needham & Company LLC lowered their target price on Hut 8 from $145.00 to $138.00 and set a “buy” rating on the stock in a report on Wednesday, August 5th. Three equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $143.95.

Hut 8 Stock Performance

Hut 8 stock traded down $3.32 during mid-day trading on Wednesday, reaching $88.90. The company’s stock had a trading volume of 1,218,049 shares, compared to its average volume of 4,770,861. The firm has a market cap of $10.96 billion, a price-to-earnings ratio of -16.27 and a beta of 4.62. The business has a 50 day moving average price of $91.09 and a 200-day moving average price of $92.87. The company has a current ratio of 19.35, a quick ratio of 19.35 and a debt-to-equity ratio of 4.22. Hut 8 has a twelve month low of $31.67 and a twelve month high of $140.80.

Hut 8 (NASDAQ:HUT) last posted its earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.72). The company had revenue of $74.93 million during the quarter, compared to the consensus estimate of $79.37 million. Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. During the same quarter in the previous year, the business posted $1.18 earnings per share. Sell-side analysts predict that Hut 8 will post -2.98 EPS for the current fiscal year.

Insider Activity at Hut 8

In related news, CFO Sean Glennan sold 6,445 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $78.76, for a total value of $507,608.20. Following the completion of the sale, the chief financial officer directly owned 17,978 shares in the company, valued at approximately $1,415,947.28. The trade was a 26.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Mayo A. Shattuck III sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, September 24th. The stock was sold at an average price of $100.00, for a total value of $2,000,000.00. Following the completion of the sale, the director owned 89,408 shares of the company’s stock, valued at approximately $8,940,800. This trade represents a 18.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 10.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Hut 8

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in Hut 8 in the 2nd quarter worth approximately $1,093,294,000. Avala Global LP bought a new position in Hut 8 in the 2nd quarter worth approximately $144,602,000. Sachem Head Capital Management LP bought a new position in Hut 8 in the 4th quarter worth approximately $129,780,000. Oasis Management Co Ltd. increased its position in Hut 8 by 231.5% in the 4th quarter. Oasis Management Co Ltd. now owns 2,307,683 shares of the company’s stock worth $106,015,000 after buying an additional 1,611,653 shares during the period. Finally, Wellington Management Group LLP bought a new position in Hut 8 in the 2nd quarter worth approximately $97,949,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Hut 8 Company Profile

Hut 8 Corp. (NASDAQ: HUT) is a North American energy infrastructure and digital asset mining company. Its operations include cryptocurrency mining, with a primary focus on Bitcoin, as well as the development and management of data center infrastructure supported by its energy resources.

The company owns and operates mining and data center facilities in the United States and Canada. In addition to self-mining digital assets, Hut 8 has pursued opportunities in high-performance computing and artificial intelligence infrastructure, using its power capacity, data center sites and related development capabilities to support evolving computing demand.

Hut 8 was originally established as Hut 8 Mining Corp., a Canadian cryptocurrency mining company.