Hut 8 (NASDAQ:HUT) Receives “Buy” Rating from Benchmark

Benchmark reiterated their buy rating on shares of Hut 8 (NASDAQ:HUT) in a research note published on Tuesday morning, Benzinga reports. The firm currently has a $12.00 target price on the stock.

HUT has been the topic of several other research reports. Craig Hallum upped their price objective on Hut 8 from $10.00 to $12.00 and gave the company a hold rating in a research note on Monday, April 1st. Canaccord Genuity Group dropped their price target on Hut 8 from $17.50 to $14.00 and set a buy rating for the company in a report on Friday, April 5th. HC Wainwright lifted their price target on Hut 8 from $7.00 to $9.00 and gave the stock a sell rating in a report on Thursday, March 28th. Stifel Nicolaus lifted their price target on Hut 8 from $3.25 to $15.00 and gave the stock a speculative buy rating in a report on Monday, January 8th. Finally, Needham & Company LLC reissued a buy rating and set a $12.00 price target on shares of Hut 8 in a report on Monday, April 1st. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $12.33.

Hut 8 Price Performance

NASDAQ:HUT opened at $8.19 on Tuesday. The company has a quick ratio of 4.61, a current ratio of 4.61 and a debt-to-equity ratio of 0.04. The stock’s 50 day moving average price is $8.55 and its two-hundred day moving average price is $7.85. The firm has a market capitalization of $732.87 million, a price-to-earnings ratio of -2.98 and a beta of 3.98. Hut 8 has a 12-month low of $6.18 and a 12-month high of $22.75.

Hedge Funds Weigh In On Hut 8

Several hedge funds and other institutional investors have recently added to or reduced their stakes in HUT. Qube Research & Technologies Ltd acquired a new position in Hut 8 in the 3rd quarter valued at $3,429,000. Wellington Management Group LLP increased its stake in shares of Hut 8 by 203.4% in the third quarter. Wellington Management Group LLP now owns 1,125,958 shares of the company’s stock valued at $2,224,000 after buying an additional 754,891 shares during the period. Van ECK Associates Corp increased its stake in shares of Hut 8 by 79.6% in the first quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company’s stock valued at $13,920,000 after buying an additional 558,824 shares during the period. Westend Capital Management LLC acquired a new stake in shares of Hut 8 in the first quarter valued at about $5,190,000. Finally, SteelPeak Wealth LLC acquired a new stake in shares of Hut 8 in the third quarter valued at about $393,000. 31.75% of the stock is 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.