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

Canaccord Genuity Group reiterated their buy rating on shares of Hut 8 (NASDAQ:HUT) in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $32.00 price objective on the stock.

A number of other equities analysts also recently weighed in on HUT. Craig Hallum boosted their target price on Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Benchmark reiterated a “buy” rating and issued a $41.00 price objective on shares of Hut 8 in a research note on Tuesday, January 7th. Cantor Fitzgerald restated an “overweight” rating and set a $35.00 target price on shares of Hut 8 in a research report on Tuesday, January 7th. Piper Sandler initiated coverage on Hut 8 in a research note on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 target price on the stock. Finally, Needham & Company LLC reissued a “buy” rating and issued a $30.00 target price on shares of Hut 8 in a research note on Tuesday. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $31.38.

Hut 8 Price Performance

Shares of Hut 8 stock opened at $14.02 on Tuesday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. The business has a 50-day simple moving average of $21.40 and a 200 day simple moving average of $18.74. Hut 8 has a one year low of $6.77 and a one year high of $31.95.

Institutional Trading of Hut 8

A number of institutional investors have recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Hut 8 in the third quarter worth about $9,997,000. Paloma Partners Management Co purchased a new stake in Hut 8 in the third quarter worth about $834,000. State Street Corp increased its stake in shares of Hut 8 by 12.6% during the third quarter. State Street Corp now owns 2,740,769 shares of the company’s stock valued at $33,602,000 after purchasing an additional 307,292 shares in the last quarter. MetLife Investment Management LLC increased its stake in shares of Hut 8 by 129.1% during the third quarter. MetLife Investment Management LLC now owns 46,719 shares of the company’s stock valued at $573,000 after purchasing an additional 26,324 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Hut 8 by 21.1% during the third quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock valued at $26,902,000 after acquiring an additional 381,720 shares in the last quarter. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

About Hut 8

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.