Hut 8 (NASDAQ:HUT) Trading Up 3.8% on Analyst Upgrade

Hut 8 Corp. (NASDAQ:HUT)’s share price traded up 3.8% on Friday after Canaccord Genuity Group raised their price target on the stock from $22.00 to $32.00. Canaccord Genuity Group currently has a buy rating on the stock. Hut 8 traded as high as $24.26 and last traded at $24.01. 752,100 shares traded hands during trading, a decline of 85% from the average session volume of 5,075,664 shares. The stock had previously closed at $23.14.

Several other brokerages have also recently issued reports on HUT. Benchmark raised their target price on Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday. Stifel Nicolaus boosted their target price on shares of Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research report on Wednesday, October 30th. HC Wainwright increased their price target on shares of Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday. Craig Hallum boosted their price objective on shares of Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Needham & Company LLC raised their target price on Hut 8 from $21.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $30.17.

Institutional Investors Weigh In On Hut 8

A number of institutional investors and hedge funds have recently bought and sold shares of HUT. Foundations Investment Advisors LLC raised its stake in Hut 8 by 2.0% during the 2nd quarter. Foundations Investment Advisors LLC now owns 48,728 shares of the company’s stock valued at $730,000 after purchasing an additional 949 shares during the period. AM Investment Strategies LLC lifted its holdings in shares of Hut 8 by 3.6% in the third quarter. AM Investment Strategies LLC now owns 44,000 shares of the company’s stock worth $539,000 after buying an additional 1,521 shares in the last quarter. Amalgamated Bank bought a new position in shares of Hut 8 during the second quarter worth $42,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Hut 8 by 27.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,223 shares of the company’s stock valued at $213,000 after acquiring an additional 3,105 shares in the last quarter. Finally, Capital Performance Advisors LLP bought a new stake in Hut 8 in the 3rd quarter valued at $40,000. 31.75% of the stock is owned by institutional investors.

Hut 8 Stock Performance

The firm’s 50 day simple moving average is $14.15 and its 200 day simple moving average is $12.82. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 0.43.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings results on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.11. The firm had revenue of $35.22 million for the quarter, compared to the consensus estimate of $38.00 million. As a group, equities analysts expect that Hut 8 Corp. will post -0.55 earnings per share for the current fiscal year.

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.