Canaccord Genuity Group Lowers Hut 8 Mining (NASDAQ:HUT) Price Target to $5.00

Hut 8 Mining (NASDAQ:HUT – Get Rating) had its target price reduced by Canaccord Genuity Group from $6.00 to $5.00 in a report issued on Monday morning, Benzinga reports. They currently have a buy rating on the stock.

Separately, HC Wainwright decreased their price target on shares of Hut 8 Mining from $2.00 to $1.60 and set a neutral rating on the stock in a research note on Friday. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $3.65.

Hut 8 Mining Stock Up 19.0 %

HUT opened at $1.50 on Monday. Hut 8 Mining has a fifty-two week low of $0.78 and a fifty-two week high of $6.70. The company has a debt-to-equity ratio of 0.09, a current ratio of 8.15 and a quick ratio of 8.15. The firm’s fifty day moving average price is $1.68 and its two-hundred day moving average price is $1.64. The company has a market capitalization of $331.35 million, a P/E ratio of -1.67 and a beta of 4.33.

Institutional Investors Weigh In On Hut 8 Mining

Several institutional investors and hedge funds have recently made changes to their positions in HUT. Envestnet Asset Management Inc. lifted its position in Hut 8 Mining by 22.8% during the 1st quarter. Envestnet Asset Management Inc. now owns 66,187 shares of the company’s stock worth $365,000 after buying an additional 12,275 shares in the last quarter. HighTower Advisors LLC lifted its position in Hut 8 Mining by 10.6% during the 1st quarter. HighTower Advisors LLC now owns 58,146 shares of the company’s stock worth $324,000 after buying an additional 5,556 shares in the last quarter. Citigroup Inc. lifted its position in Hut 8 Mining by 1,045.6% during the 1st quarter. Citigroup Inc. now owns 8,592 shares of the company’s stock worth $47,000 after buying an additional 7,842 shares in the last quarter. D.A. Davidson & CO. acquired a new position in Hut 8 Mining during the 1st quarter worth about $59,000. Finally, Vontobel Holding Ltd. acquired a new position in Hut 8 Mining during the 1st quarter worth about $74,000. Institutional investors and hedge funds own 8.46% of the company’s stock.

Hut 8 Mining Company Profile

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Hut 8 Mining Corp. is a cryptocurrency mining and blockchain infrastructure company, which is focused solely on mining bitcoin. It provides investors with direct access to bitcoin, without the technical complexity or constraints of purchasing the underlying cryptocurrency. The company was founded by Andrew Kiguel on June 9, 2011 and is headquartered in Toronto, Canada.