Hut 8 (NASDAQ:HUT) Given “Buy” Rating at Benchmark

Benchmark restated their buy rating on shares of Hut 8 (NASDAQ:HUT) in a research report report published on Tuesday,Benzinga reports. Benchmark currently has a $41.00 price target on the stock.

Several other research firms also recently commented on HUT. HC Wainwright upped 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. Needham & Company LLC increased their target price on shares of Hut 8 from $32.00 to $38.00 and gave the stock a “buy” rating in a research report on Tuesday, December 17th. Piper Sandler assumed coverage on shares of Hut 8 in a report on Tuesday, December 17th. They set an “overweight” rating and a $33.00 target price on the stock. Cantor Fitzgerald initiated coverage on Hut 8 in a research note on Monday, December 9th. They issued an “overweight” rating and a $35.00 price target for the company. Finally, Craig Hallum raised their price objective on Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $33.00.

Hut 8 Stock Down 6.8 %

HUT opened at $24.85 on Tuesday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. The business has a fifty day simple moving average of $23.82 and a 200 day simple moving average of $17.01. Hut 8 has a 1 year low of $6.18 and a 1 year high of $31.95.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Capital Performance Advisors LLP bought a new position in shares of Hut 8 in the 3rd quarter valued at $40,000. Amalgamated Bank acquired a new stake in Hut 8 in the second quarter valued at about $42,000. Intech Investment Management LLC bought a new position in Hut 8 in the third quarter valued at about $133,000. Victory Capital Management Inc. bought a new position in Hut 8 in the second quarter valued at about $154,000. Finally, XTX Topco Ltd acquired a new position in Hut 8 during the third quarter worth about $162,000. 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.