Hut 8’s (HUT) Overweight Rating Reiterated at Cantor Fitzgerald

Cantor Fitzgerald reissued their overweight rating on shares of Hut 8 (NASDAQ:HUT) in a report released on Tuesday,Benzinga reports. The brokerage currently has a $35.00 price target on the stock.

A number of other equities research analysts have also recently issued reports on HUT. Craig Hallum upped their target price on shares of Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Canaccord Genuity Group raised their price objective on Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Benchmark reiterated a “buy” rating and set a $41.00 target price on shares of Hut 8 in a research note on Tuesday. Piper Sandler initiated coverage on Hut 8 in a research note on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price target on the stock. Finally, Needham & Company LLC lifted their price objective 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. Nine research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $33.00.

Hut 8 Price Performance

NASDAQ HUT opened at $23.50 on Tuesday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. The firm’s fifty day moving average price is $24.08 and its two-hundred day moving average price is $17.14. Hut 8 has a 1 year low of $6.18 and a 1 year high of $31.95.

Institutional Inflows and Outflows

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

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.