Hut 8 (NASDAQ:HUT) Research Coverage Started at Rosenblatt Securities

Rosenblatt Securities initiated coverage on shares of Hut 8 (NASDAQ:HUT) in a research report sent to investors on Friday morning, MarketBeat.com reports. The brokerage issued a buy rating and a $23.00 target price on the stock.

HUT has been the subject of a number of other research reports. Benchmark reiterated a “buy” rating and issued a $41.00 price objective on shares of Hut 8 in a report on Tuesday, January 7th. Keefe, Bruyette & Woods assumed coverage on shares of Hut 8 in a report on Wednesday, January 8th. They issued an “outperform” rating for the company. Canaccord Genuity Group reiterated a “buy” rating and issued a $32.00 price objective on shares of Hut 8 in a report on Tuesday, March 4th. Needham & Company LLC reiterated a “buy” rating and issued a $30.00 price objective on shares of Hut 8 in a report on Tuesday, March 4th. Finally, Piper Sandler assumed coverage on shares of Hut 8 in a report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price objective for the company. Ten analysts have rated the stock with a buy rating, According to MarketBeat.com, Hut 8 presently has an average rating of “Buy” and a consensus target price of $29.89.

Hut 8 Stock Performance

HUT stock opened at $13.51 on Friday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick 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 50-day moving average price of $20.82 and a 200-day moving average price of $18.79.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. JAT Capital Mgmt LP acquired a new stake in shares of Hut 8 during the 3rd quarter worth approximately $32,260,000. Jericho Capital Asset Management L.P. acquired a new stake in shares of Hut 8 during the 4th quarter worth approximately $37,400,000. D. E. Shaw & Co. Inc. acquired a new stake in shares of Hut 8 during the 4th quarter worth approximately $27,115,000. Voloridge Investment Management LLC acquired a new stake in shares of Hut 8 during the 4th quarter worth approximately $24,170,000. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in shares of Hut 8 during the 4th quarter worth approximately $23,009,000. 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.