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

Hut 8 (NASDAQ:HUT)‘s stock had its “buy” rating restated by analysts at Canaccord Genuity Group in a research note issued on Wednesday, Benzinga reports. They presently have a $130.00 price objective on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 49.06% from the company’s current price.

HUT has been the subject of several other reports. BTIG Research boosted their price objective on Hut 8 from $115.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. B. Riley Financial lifted their price target on shares of Hut 8 from $130.00 to $163.00 and gave the stock a “buy” rating in a research report on Monday, August 3rd. Rothschild & Co Redburn started coverage on shares of Hut 8 in a research note on Monday, September 21st. They set a “neutral” rating and a $96.00 price target for the company. Weiss Ratings lowered shares of Hut 8 from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, August 19th. Finally, Wells Fargo & Company began coverage on shares of Hut 8 in a report on Thursday, September 17th. They set an “overweight” rating and a $175.00 target price for the company. Three investment analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $143.95.

Hut 8 Trading Down 5.4%

NASDAQ:HUT traded down $5.00 during trading hours on Wednesday, hitting $87.22. 1,651,096 shares of the stock were exchanged, compared to its average volume of 4,773,019. The company’s 50 day moving average is $91.09 and its two-hundred day moving average is $92.87. Hut 8 has a twelve month low of $31.67 and a twelve month high of $140.80. The company has a quick ratio of 19.35, a current ratio of 19.35 and a debt-to-equity ratio of 4.22. The company has a market capitalization of $10.75 billion, a P/E ratio of -15.99 and a beta of 4.62.

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

Insider Buying and Selling

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

Institutional Trading of Hut 8

Several hedge funds have recently added to or reduced their stakes in HUT. Two Seas Capital LP grew its stake in Hut 8 by 120.1% in the third quarter. Two Seas Capital LP now owns 347,942 shares of the company’s stock valued at $29,958,000 after acquiring an additional 189,860 shares during the period. Van Hulzen Asset Management LLC bought a new stake in Hut 8 during the 2nd quarter worth approximately $225,000. WINTON GROUP Ltd acquired a new stake in Hut 8 during the 2nd quarter worth approximately $8,162,000. Engineers Gate Manager LP acquired a new stake in Hut 8 during the 2nd quarter worth approximately $275,000. Finally, Steamboat Capital Partners LLC bought a new position in Hut 8 in the second quarter valued at approximately $7,298,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

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.