Canaccord Genuity Group Reiterates Buy Rating for Hut 8 (NASDAQ:HUT)

Hut 8 (NASDAQ:HUT)‘s stock had its “buy” rating reissued by Canaccord Genuity Group in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $32.00 price target on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 127.27% from the company’s previous close.

Several other research analysts have also weighed in on HUT. Keefe, Bruyette & Woods started coverage on Hut 8 in a research report on Wednesday, January 8th. They set an “outperform” rating on the stock. HC Wainwright lowered their target price on Hut 8 from $35.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday. Craig Hallum increased their price target on shares of Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Piper Sandler assumed coverage on Hut 8 in a research report on Tuesday, December 17th. They set an “overweight” rating and a $33.00 price objective for the company. Finally, Benchmark reiterated a “buy” rating and issued a $41.00 target price on shares of Hut 8 in a research note on Tuesday, January 7th. Nine research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $31.38.

Hut 8 Price Performance

NASDAQ HUT opened at $14.08 on Tuesday. The firm’s 50 day moving average price is $21.60 and its two-hundred day moving average price is $18.73. Hut 8 has a twelve month low of $6.77 and a twelve month high of $31.95. 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 Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in HUT. Nisa Investment Advisors LLC grew its position in Hut 8 by 77.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock worth $26,000 after purchasing an additional 545 shares during the last quarter. R Squared Ltd bought a new position in shares of Hut 8 during the 4th quarter worth approximately $26,000. Optiver Holding B.V. bought a new position in shares of Hut 8 during the fourth quarter valued at $35,000. Capital Performance Advisors LLP acquired a new position in Hut 8 in the third quarter valued at about $40,000. Finally, Russell Investments Group Ltd. grew its position in Hut 8 by 832.4% during the 4th quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company’s stock worth $42,000 after acquiring an additional 1,823 shares during the last quarter. 31.75% of the stock is owned by institutional investors.

Hut 8 Company Profile

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.