Hut 8’s (HUT) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Hut 8 (NASDAQ:HUT) in a research report report published on Monday morning,Benzinga reports. Needham & Company LLC currently has a $38.00 target price on the stock.

Several other brokerages also recently commented on HUT. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $35.00 price objective on shares of Hut 8 in a research report on Tuesday, January 7th. HC Wainwright lifted their price objective on Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Stifel Nicolaus boosted their target price on Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a research note on Wednesday, October 30th. Canaccord Genuity Group boosted their target price on Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Finally, Piper Sandler started coverage on Hut 8 in a research report on Tuesday, December 17th. They set an “overweight” rating and a $33.00 target price on the stock. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $33.00.

Hut 8 Trading Down 2.0 %

HUT opened at $22.93 on Monday. The stock has a 50-day moving average price of $24.53 and a 200-day moving average price of $17.35. Hut 8 has a 1 year low of $6.18 and a 1 year high of $31.95. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35.

Hedge Funds Weigh In On Hut 8

Several institutional investors and hedge funds have recently modified their holdings of HUT. State Street Corp grew its holdings in Hut 8 by 12.6% in the 3rd quarter. State Street Corp now owns 2,740,769 shares of the company’s stock valued at $33,602,000 after buying an additional 307,292 shares in the last quarter. JAT Capital Mgmt LP bought a new position in shares of Hut 8 in the third quarter valued at approximately $32,260,000. Geode Capital Management LLC lifted its holdings in Hut 8 by 21.1% during the third quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock worth $26,902,000 after acquiring an additional 381,720 shares during the period. D1 Capital Partners L.P. purchased a new position in shares of Hut 8 during the 2nd quarter valued at $17,388,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Hut 8 by 31.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 833,165 shares of the company’s stock worth $10,215,000 after purchasing an additional 197,074 shares in the last quarter. 31.75% of the stock is currently owned by institutional investors and hedge funds.

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.