Hut 8 (NASDAQ:HUT) Receives “Buy” Rating from Benchmark

Hut 8 (NASDAQ:HUT)‘s stock had its “buy” rating reaffirmed by analysts at Benchmark in a research note issued on Tuesday,Benzinga reports. They presently have a $41.00 price objective on the stock. Benchmark’s price objective suggests a potential upside of 74.47% from the stock’s previous close.

Several other research analysts have also weighed in on the company. Needham & Company LLC lifted their target price on Hut 8 from $32.00 to $38.00 and gave the stock a “buy” rating in a report on Tuesday, December 17th. Stifel Nicolaus lifted their price objective on Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a report on Wednesday, October 30th. Cantor Fitzgerald began coverage on Hut 8 in a research note on Monday, December 9th. They set an “overweight” rating and a $35.00 target price for the company. HC Wainwright lifted their price target on shares of Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Finally, Craig Hallum increased their price objective on shares of Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $33.00.

Hut 8 Price Performance

HUT opened at $23.50 on Tuesday. The firm’s fifty day moving average is $23.97 and its two-hundred day moving average is $17.09. Hut 8 has a twelve month low of $6.18 and a twelve month high of $31.95. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35.

Institutional Trading of Hut 8

A number of institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp bought a new position in Hut 8 in the second quarter valued at $4,390,000. Rhumbline Advisers grew its holdings in shares of Hut 8 by 684,077.8% in the 2nd quarter. Rhumbline Advisers now owns 123,152 shares of the company’s stock valued at $1,846,000 after acquiring an additional 123,134 shares in the last quarter. Victory Capital Management Inc. acquired a new stake in shares of Hut 8 in the second quarter valued at about $154,000. Arizona State Retirement System bought a new stake in Hut 8 during the second quarter worth about $337,000. Finally, Headlands Technologies LLC boosted its position in Hut 8 by 121.6% during the second quarter. Headlands Technologies LLC now owns 51,228 shares of the company’s stock valued at $768,000 after purchasing an additional 28,109 shares during the last quarter. Institutional investors own 31.75% of the company’s stock.

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.