Hut 8 (NASDAQ:HUT) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Hut 8 (NASDAQ:HUT) in a research note published on Monday morning,Benzinga reports. The brokerage currently has a $38.00 target price on the stock.

A number of other equities analysts have also commented on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $35.00 price objective on shares of Hut 8 in a research note on Tuesday, January 7th. Canaccord Genuity Group lifted their price target 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 reissued a “buy” rating and set a $41.00 target price on shares of Hut 8 in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods initiated coverage on Hut 8 in a report on Wednesday, January 8th. They set an “outperform” rating on the stock. Finally, Piper Sandler began coverage on Hut 8 in a research report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price target for the company. Nine research analysts have rated the stock with a buy rating, According to MarketBeat, Hut 8 has a consensus rating of “Buy” and an average target price of $33.00.

Hut 8 Stock Down 2.0 %

Shares of HUT opened at $22.93 on Monday. Hut 8 has a twelve month low of $6.18 and a twelve 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. The company has a 50 day moving average of $24.53 and a 200-day moving average of $17.35.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in HUT. Capital Performance Advisors LLP acquired a new stake in shares of Hut 8 during the 3rd quarter valued at about $40,000. Amalgamated Bank bought a new position in shares of Hut 8 in the second quarter valued at about $42,000. Intech Investment Management LLC acquired a new position in shares of Hut 8 in the third quarter valued at about $133,000. Victory Capital Management Inc. acquired a new stake in shares of Hut 8 in the 2nd quarter valued at approximately $154,000. Finally, XTX Topco Ltd bought a new position in Hut 8 in the 3rd quarter valued at approximately $162,000. 31.75% of the stock is currently owned by 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.