Hut 8 (NASDAQ:HUT) Receives “Overweight” Rating from Cantor Fitzgerald

Hut 8 (NASDAQ:HUT)‘s stock had its “overweight” rating restated by analysts at Cantor Fitzgerald in a report released on Friday,Benzinga reports. They presently have a $30.00 price objective on the stock. Cantor Fitzgerald’s price objective suggests a potential upside of 135.00% from the company’s current price.

HUT has been the topic of a number of other research reports. HC Wainwright lowered their target price on Hut 8 from $35.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday. Needham & Company LLC reaffirmed a “buy” rating and set a $30.00 price objective on shares of Hut 8 in a research note on Tuesday. Keefe, Bruyette & Woods started coverage on shares of Hut 8 in a research note on Wednesday, January 8th. They issued an “outperform” rating for the company. Benchmark restated a “buy” rating and issued a $41.00 target price on shares of Hut 8 in a report on Tuesday, January 7th. Finally, Craig Hallum lifted their price target on shares of Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $29.89.

Hut 8 Trading Down 4.8 %

Shares of NASDAQ HUT traded down $0.64 on Friday, hitting $12.77. The company’s stock had a trading volume of 1,826,143 shares, compared to its average volume of 4,928,349. The stock has a 50 day moving average of $21.00 and a 200-day moving average of $18.68. Hut 8 has a 12-month low of $6.77 and a 12-month 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.

Institutional Investors Weigh In On Hut 8

A number of institutional investors have recently bought and sold shares of the stock. Neo Ivy Capital Management acquired a new position in shares of Hut 8 in the 4th quarter valued at $252,000. Two Seas Capital LP boosted its holdings in Hut 8 by 132.7% in the fourth quarter. Two Seas Capital LP now owns 476,808 shares of the company’s stock valued at $9,770,000 after acquiring an additional 271,892 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Hut 8 by 25.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 167,469 shares of the company’s stock valued at $3,431,000 after acquiring an additional 33,713 shares during the last quarter. Voloridge Investment Management LLC purchased a new stake in Hut 8 during the fourth quarter valued at about $24,170,000. Finally, Vennlight Capital Management LP acquired a new stake in Hut 8 during the fourth quarter worth about $2,414,000. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

About Hut 8

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.