Hut 8 (NASDAQ:HUT) Given Buy Rating at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Hut 8 (NASDAQ:HUT) in a research note published on Tuesday,Benzinga reports. The brokerage currently has a $30.00 price target on the stock.

A number of other analysts also recently issued reports on the stock. Benchmark reaffirmed a “buy” rating and set a $41.00 price target on shares of Hut 8 in a report on Tuesday, January 7th. Keefe, Bruyette & Woods began coverage on shares of Hut 8 in a report on Wednesday, January 8th. They issued an “outperform” rating on the stock. Piper Sandler initiated coverage on shares of Hut 8 in a research report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price objective on the stock. Craig Hallum lifted their price target on shares of Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $35.00 target price on shares of Hut 8 in a research report on Tuesday, January 7th. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $31.38.

Hut 8 Stock Down 0.4 %

Shares of NASDAQ HUT opened at $14.02 on Tuesday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. Hut 8 has a 12 month low of $6.77 and a 12 month high of $31.95. The firm has a fifty day simple moving average of $21.40 and a two-hundred day simple moving average of $18.74.

Institutional Trading of Hut 8

Several hedge funds have recently made changes to their positions in HUT. Nisa Investment Advisors LLC raised its stake in shares of Hut 8 by 77.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock valued at $26,000 after acquiring an additional 545 shares during the period. R Squared Ltd acquired a new stake in Hut 8 during the 4th quarter worth approximately $26,000. Optiver Holding B.V. purchased a new position in Hut 8 in the 4th quarter valued at approximately $35,000. Capital Performance Advisors LLP acquired a new position in shares of Hut 8 in the third quarter worth $40,000. Finally, Russell Investments Group Ltd. increased its position in shares of Hut 8 by 832.4% during the fourth quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company’s stock worth $42,000 after acquiring an additional 1,823 shares during the period. Hedge funds and other institutional investors own 31.75% of the company’s stock.

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.