Hut 8 (NASDAQ:HUT) Stock Price Expected to Rise, Craig Hallum Analyst Says

Hut 8 (NASDAQ:HUT) had its target price upped by Craig Hallum from $15.00 to $32.00 in a research note released on Thursday morning,Benzinga reports. Craig Hallum currently has a buy rating on the stock.

A number of other research analysts have also issued reports on HUT. Stifel Nicolaus increased their target price on shares of 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 restated a “buy” rating and set a $22.00 price objective on shares of Hut 8 in a research note on Wednesday, August 21st. HC Wainwright upped their target price on Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday. Benchmark raised their price target on Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Needham & Company LLC increased their price objective on shares of Hut 8 from $21.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, Hut 8 presently has a consensus rating of “Buy” and a consensus price target of $30.17.

Hut 8 Stock Performance

Shares of NASDAQ HUT opened at $25.26 on Thursday. Hut 8 has a twelve month low of $6.18 and a twelve month high of $28.47. The business’s 50 day moving average price is $14.47 and its two-hundred day moving average price is $12.93. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.68.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of Hut 8 by 8,329.2% during the first quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock valued at $30,770,000 after purchasing an additional 2,754,037 shares in the last quarter. State Street Corp boosted its position in Hut 8 by 12.6% during the 3rd 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 period. JAT Capital Mgmt LP bought a new stake in Hut 8 during the 3rd quarter worth approximately $32,260,000. Geode Capital Management LLC raised its stake in shares of Hut 8 by 21.1% during the third quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock valued at $26,902,000 after acquiring an additional 381,720 shares during the last quarter. Finally, Tidal Investments LLC acquired a new stake in Hut 8 in the first quarter valued at $18,191,000. 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.