Hut 8 (NASDAQ:HUT) Trading 6.7% Higher Following Analyst Upgrade

Hut 8 Corp. (NASDAQ:HUT) shot up 6.7% during trading on Thursday after Canaccord Genuity Group raised their price target on the stock from $54.00 to $62.00. Canaccord Genuity Group currently has a buy rating on the stock. Hut 8 traded as high as $45.64 and last traded at $42.8360. 2,984,835 shares traded hands during trading, a decline of 52% from the average session volume of 6,189,044 shares. The stock had previously closed at $40.16.

Other equities research analysts also recently issued research reports about the company. Wall Street Zen raised Hut 8 from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Benchmark reiterated a “buy” rating on shares of Hut 8 in a report on Wednesday. Roth Capital reissued a “buy” rating and issued a $60.00 target price (up previously from $31.00) on shares of Hut 8 in a research note on Monday, September 15th. BTIG Research restated a “buy” rating and issued a $55.00 price objective on shares of Hut 8 in a research report on Wednesday. Finally, Citigroup reissued an “outperform” rating on shares of Hut 8 in a report on Tuesday, October 21st. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $51.93.

Institutional Investors Weigh In On Hut 8

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Nisa Investment Advisors LLC boosted its stake in shares of Hut 8 by 116.4% during the second quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company’s stock worth $28,000 after buying an additional 815 shares during the period. Advisors Asset Management Inc. lifted its stake in shares of Hut 8 by 68.4% in the 2nd quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company’s stock valued at $30,000 after purchasing an additional 655 shares during the last quarter. State of Wyoming acquired a new stake in shares of Hut 8 during the 1st quarter valued at about $32,000. US Bancorp DE lifted its holdings in Hut 8 by 3,961.7% in the first quarter. US Bancorp DE now owns 3,290 shares of the company’s stock valued at $38,000 after buying an additional 3,209 shares during the period. Finally, Russell Investments Group Ltd. grew its position in Hut 8 by 235.8% in the second quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock valued at $46,000 after purchasing an additional 1,719 shares in the last quarter. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Hut 8 Price Performance

The company’s 50 day moving average is $43.82 and its 200 day moving average is $31.30. The firm has a market capitalization of $4.58 billion, a price-to-earnings ratio of -110.10 and a beta of 4.41. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.14.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings results on Tuesday, November 4th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.09. The company had revenue of $80.72 million during the quarter, compared to analyst estimates of $64.70 million. Hut 8 had a net margin of 115.39% and a return on equity of 8.06%. On average, equities research analysts anticipate that Hut 8 Corp. will post -0.53 earnings per share for the current fiscal year.

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.