Hut 8 (NASDAQ:HUT) Price Target Raised to $62.00

Hut 8 (NASDAQ:HUT) had its price target upped by equities researchers at Canaccord Genuity Group from $54.00 to $62.00 in a research report issued to clients and investors on Thursday, MarketBeat Ratings reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 54.38% from the stock’s current price.

Several other brokerages have also recently weighed in on HUT. BTIG Research restated a “buy” rating and set a $55.00 price objective on shares of Hut 8 in a research note on Wednesday. Weiss Ratings reissued a “hold (c-)” rating on shares of Hut 8 in a research report on Monday. Roth Capital reaffirmed a “buy” rating and issued a $60.00 price objective (up from $31.00) on shares of Hut 8 in a research report on Monday, September 15th. Piper Sandler set a $74.00 price objective on shares of Hut 8 and gave the company an “overweight” rating in a research note on Monday, October 20th. Finally, JMP Securities boosted their target price on Hut 8 from $25.00 to $65.00 and gave the stock a “market outperform” rating in a research note on Tuesday, October 21st. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $51.93.

Hut 8 Price Performance

HUT stock opened at $40.16 on Thursday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.72 and a current ratio of 0.72. The business has a 50-day simple moving average of $43.82 and a two-hundred day simple moving average of $31.30. The company has a market capitalization of $4.34 billion, a P/E ratio of -102.97 and a beta of 4.41. Hut 8 has a 52-week low of $10.04 and a 52-week high of $57.29.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HUT. Vanguard Group Inc. increased its stake in shares of Hut 8 by 1.8% during the 3rd quarter. Vanguard Group Inc. now owns 7,728,037 shares of the company’s stock worth $269,013,000 after purchasing an additional 140,248 shares during the last quarter. Ameriprise Financial Inc. grew its holdings in Hut 8 by 20.3% during the third quarter. Ameriprise Financial Inc. now owns 2,991,466 shares of the company’s stock valued at $104,133,000 after purchasing an additional 504,652 shares during the period. Geode Capital Management LLC increased its position in Hut 8 by 13.7% in the second quarter. Geode Capital Management LLC now owns 2,563,091 shares of the company’s stock worth $47,679,000 after buying an additional 309,113 shares during the last quarter. Value Aligned Research Advisors LLC raised its stake in shares of Hut 8 by 110.2% in the third quarter. Value Aligned Research Advisors LLC now owns 1,948,995 shares of the company’s stock valued at $67,845,000 after buying an additional 1,021,955 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Hut 8 by 45.5% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,555,800 shares of the company’s stock valued at $54,156,000 after buying an additional 486,721 shares during the period. 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.