Hut 8’s (HUT) Buy Rating Reiterated at Canaccord Genuity Group

Hut 8 (NASDAQ:HUT)‘s stock had its “buy” rating restated by stock analysts at Canaccord Genuity Group in a report issued on Wednesday, Benzinga reports. They currently have a $130.00 price objective on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 40.97% from the company’s previous close.

Several other research firms have also recently issued reports on HUT. B. Riley Financial raised their target price on Hut 8 from $130.00 to $163.00 and gave the stock a “buy” rating in a research note on Monday, August 3rd. Morgan Stanley assumed coverage on shares of Hut 8 in a research note on Thursday, July 23rd. They set an “overweight” rating and a $263.00 price objective for the company. Compass Point set a $195.00 price target on Hut 8 in a research note on Wednesday, July 22nd. Piper Sandler boosted their price objective on shares of Hut 8 from $127.00 to $143.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. Finally, Wall Street Zen downgraded Hut 8 from a “sell” rating to a “strong sell” rating in a report on Saturday, August 1st. Three analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $143.95.

Hut 8 Trading Up 3.3%

Shares of HUT stock opened at $92.22 on Wednesday. The firm has a market cap of $11.37 billion, a P/E ratio of -16.92 and a beta of 4.62. The company has a quick ratio of 19.35, a current ratio of 19.35 and a debt-to-equity ratio of 4.22. Hut 8 has a 12-month low of $31.67 and a 12-month high of $140.80. The business has a 50-day moving average price of $91.09 and a two-hundred day moving average price of $92.87.

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). The business 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 prior year, the business posted $1.18 EPS. Equities analysts anticipate that Hut 8 will post -2.98 EPS for the current fiscal year.

Insider Activity

In related news, CFO Sean Glennan sold 6,445 shares of the stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $78.76, for a total transaction of $507,608.20. Following the completion of the sale, the chief financial officer owned 17,978 shares in the company, valued at approximately $1,415,947.28. This trade represents a 26.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Mayo Shattuck, III sold 20,000 shares of Hut 8 stock in a transaction that occurred 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 $8,940,800. This trade represents a 18.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On Hut 8

Hedge funds have recently modified their holdings of the stock. Arizona State Retirement System lifted its stake in shares of Hut 8 by 0.5% during the 2nd quarter. Arizona State Retirement System now owns 27,320 shares of the company’s stock worth $3,154,000 after acquiring an additional 125 shares during the last quarter. CoreCap Advisors LLC increased its position in Hut 8 by 42.1% during the 2nd quarter. CoreCap Advisors LLC now owns 540 shares of the company’s stock valued at $62,000 after purchasing an additional 160 shares during the period. Arlington Trust Co LLC raised its holdings in shares of Hut 8 by 175.0% in the 2nd quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock valued at $32,000 after purchasing an additional 175 shares in the last quarter. Allworth Financial LP lifted its position in shares of Hut 8 by 18.5% in the 2nd quarter. Allworth Financial LP now owns 1,364 shares of the company’s stock worth $157,000 after purchasing an additional 213 shares during the period. Finally, GAMMA Investing LLC increased its holdings in Hut 8 by 35.0% during the second quarter. GAMMA Investing LLC now owns 1,057 shares of the company’s stock valued at $122,000 after buying an additional 274 shares during the period. Hedge funds and other institutional investors own 31.75% of the company’s stock.

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.