Hut 8 (NASDAQ:HUT) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Hut 8 (NASDAQ:HUT) had its price objective upped by Canaccord Genuity Group from $22.00 to $32.00 in a research note released on Thursday,Benzinga reports. The firm currently has a buy rating on the stock.

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

Hut 8 Stock Performance

Shares of Hut 8 stock opened at $25.26 on Thursday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.68 and a current ratio of 1.00. Hut 8 has a twelve month low of $6.18 and a twelve month high of $28.47. The business has a 50-day moving average price of $14.47 and a 200-day moving average price of $12.93.

Institutional Investors Weigh In On Hut 8

Several institutional investors have recently added to or reduced their stakes in the business. Capital Performance Advisors LLP acquired a new position in Hut 8 during the 3rd quarter valued at approximately $40,000. Amalgamated Bank purchased a new position in shares of Hut 8 during the 2nd quarter valued at about $42,000. Intech Investment Management LLC purchased a new position in Hut 8 during the third quarter valued at approximately $133,000. Victory Capital Management Inc. purchased a new stake in Hut 8 in the 2nd quarter worth approximately $154,000. Finally, XTX Topco Ltd acquired a new stake in shares of Hut 8 during the 3rd quarter worth approximately $162,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

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.