Benchmark Initiates Coverage on Hut 8 (NASDAQ:HUT)

Benchmark started coverage on shares of Hut 8 (NASDAQ:HUT) in a research note issued to investors on Monday, MarketBeat Ratings reports. The brokerage issued a buy rating and a $12.00 price target on the stock.

Several other research analysts also recently commented on HUT. Craig Hallum increased their price objective on shares of Hut 8 from $10.00 to $12.00 and gave the company a hold rating in a report on Monday, April 1st. HC Wainwright increased their price objective on shares of Hut 8 from $7.00 to $9.00 and gave the company a sell rating in a report on Thursday, March 28th. Stifel Nicolaus increased their price objective on shares of Hut 8 from $3.25 to $15.00 and gave the company a speculative buy rating in a report on Monday, January 8th. Canaccord Genuity Group decreased their target price on shares of Hut 8 from $17.50 to $14.00 and set a buy rating on the stock in a research report on Friday, April 5th. Finally, Needham & Company LLC restated a buy rating and set a $12.00 target price on shares of Hut 8 in a research report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $12.33.

Hut 8 Stock Down 1.3 %

HUT opened at $8.86 on Monday. The firm has a 50-day simple moving average of $8.68 and a two-hundred day simple moving average of $7.41. Hut 8 has a 52 week low of $6.18 and a 52 week high of $22.75. The company has a market capitalization of $790.67 million, a PE ratio of -3.22 and a beta of 3.91. The company has a quick ratio of 4.61, a current ratio of 4.61 and a debt-to-equity ratio of 0.04.

Institutional Trading of Hut 8

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HUT. Global Retirement Partners LLC increased its position in shares of Hut 8 by 280.1% during the first quarter. Global Retirement Partners LLC now owns 5,428 shares of the company’s stock worth $60,000 after acquiring an additional 4,000 shares during the period. TD Asset Management Inc grew its holdings in Hut 8 by 2.7% in the third quarter. TD Asset Management Inc now owns 203,130 shares of the company’s stock worth $401,000 after purchasing an additional 5,373 shares during the last quarter. Mackenzie Financial Corp grew its holdings in Hut 8 by 7.3% in the third quarter. Mackenzie Financial Corp now owns 91,752 shares of the company’s stock worth $168,000 after purchasing an additional 6,225 shares during the last quarter. Private Advisor Group LLC grew its holdings in Hut 8 by 54.7% in the third quarter. Private Advisor Group LLC now owns 18,095 shares of the company’s stock worth $35,000 after purchasing an additional 6,400 shares during the last quarter. Finally, Golden Green Inc. purchased a new stake in shares of Hut 8 during the third quarter valued at $29,000. 31.75% of the stock is owned by hedge funds and other institutional investors.

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.