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

Hut 8 (NASDAQ:HUT)‘s stock had its “buy” rating reissued by equities researchers at Canaccord Genuity Group in a research report issued to clients and investors on Wednesday, Benzinga reports. They currently have a $130.00 price objective on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 40.97% from the company’s current price.

Several other analysts have also recently weighed in on the company. Compass Point set a $195.00 price objective on Hut 8 in a research report on Wednesday, July 22nd. Maxim Group raised Hut 8 to a “strong-buy” rating in a research report on Wednesday, August 5th. Wall Street Zen lowered Hut 8 from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 1st. Freedom Capital raised shares of Hut 8 to a “strong-buy” rating in a research note on Tuesday, August 18th. Finally, Rothschild & Co Redburn initiated coverage on Hut 8 in a research note on Monday, September 21st. They issued a “neutral” rating and a $96.00 target price on the stock. Three equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Hut 8 has a consensus rating of “Buy” and an average target price of $143.95.

Hut 8 Stock Up 3.3%

Shares of Hut 8 stock opened at $92.22 on Wednesday. The company has a current ratio of 19.35, a quick ratio of 19.35 and a debt-to-equity ratio of 4.22. The company’s fifty day simple moving average is $91.09 and its two-hundred day simple moving average is $92.87. The company has a market cap of $11.37 billion, a P/E ratio of -16.92 and a beta of 4.62. Hut 8 has a 12-month low of $31.67 and a 12-month high of $140.80.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($1.27) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($0.72). The firm had revenue of $74.93 million for 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 period in the previous year, the firm posted $1.18 earnings per share. Research analysts anticipate that Hut 8 will post -2.98 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Sean Glennan sold 6,445 shares of the stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $78.76, for a total value of $507,608.20. Following the transaction, the chief financial officer owned 17,978 shares in the company, valued at $1,415,947.28. This represents a 26.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 company’s stock in a transaction 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 $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. Company insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in shares of Hut 8 during the 2nd quarter valued at $1,093,294,000. Sachem Head Capital Management LP purchased a new stake in Hut 8 during the fourth quarter valued at $129,780,000. Oasis Management Co Ltd. increased its stake in Hut 8 by 231.5% during the fourth quarter. Oasis Management Co Ltd. now owns 2,307,683 shares of the company’s stock worth $106,015,000 after acquiring an additional 1,611,653 shares during the last quarter. Avala Global LP purchased a new position in Hut 8 during the second quarter worth $144,602,000. Finally, Wellington Management Group LLP purchased a new position in Hut 8 during the second quarter worth $97,949,000. 31.75% of the stock is currently owned by institutional investors.

About Hut 8

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.