Hut 8’s (HUT) “Buy” Rating Reiterated at Benchmark

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

Other equities research analysts have also issued research reports about the stock. Cantor Fitzgerald started coverage on shares of Hut 8 in a research note on Monday, December 9th. They set an “overweight” rating and a $35.00 target price for the company. HC Wainwright lifted their price objective on Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Stifel Nicolaus upped their target price on Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a research report on Wednesday, October 30th. 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 report on Thursday, November 14th. Finally, Piper Sandler began coverage on Hut 8 in a research note on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price target for the company. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $33.00.

Hut 8 Price Performance

NASDAQ HUT opened at $23.50 on Tuesday. The company has a 50 day simple moving average of $24.08 and a 200-day simple moving average of $17.14. Hut 8 has a 52-week low of $6.18 and a 52-week high of $31.95. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00.

Institutional Investors Weigh In On Hut 8

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. JAT Capital Mgmt LP acquired a new stake in shares of Hut 8 in the third quarter valued at about $32,260,000. D1 Capital Partners L.P. bought a new stake in Hut 8 during the 2nd quarter valued at approximately $17,388,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Hut 8 in the 3rd quarter valued at approximately $9,997,000. Geode Capital Management LLC increased its position in Hut 8 by 21.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock worth $26,902,000 after buying an additional 381,720 shares during the period. Finally, State Street Corp lifted its holdings in shares of Hut 8 by 12.6% during the third quarter. State Street Corp now owns 2,740,769 shares of the company’s stock worth $33,602,000 after buying an additional 307,292 shares during the last quarter. 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.