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

Hut 8 (NASDAQ:HUT)‘s stock had its “buy” rating reissued by equities researchers at Benchmark in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $41.00 price target on the stock. Benchmark’s price target points to a potential upside of 53.73% from the stock’s previous close.

Several other equities analysts have also weighed in on the company. HC Wainwright increased their target price on Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Cantor Fitzgerald started coverage on shares of Hut 8 in a research report on Monday, December 9th. They issued an “overweight” rating and a $35.00 price target on the stock. Piper Sandler started coverage on shares of Hut 8 in a report on Tuesday, December 17th. They set an “overweight” rating and a $33.00 price objective for the company. Canaccord Genuity Group increased their target price on shares of Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Finally, Craig Hallum lifted their price target on shares of Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $33.00.

Hut 8 Stock Performance

Shares of Hut 8 stock opened at $26.67 on Tuesday. The firm has a fifty day moving average of $23.82 and a two-hundred day moving average of $17.01. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. Hut 8 has a 52 week low of $6.18 and a 52 week high of $31.95.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in HUT. JAT Capital Mgmt LP bought a new stake in Hut 8 in the 3rd quarter valued at $32,260,000. D1 Capital Partners L.P. acquired a new stake in shares of Hut 8 in the 2nd quarter valued at about $17,388,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Hut 8 in the third quarter valued at about $9,997,000. Geode Capital Management LLC boosted its position 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 worth $26,902,000 after buying an additional 381,720 shares during the period. Finally, State Street Corp grew 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 in the last quarter. Institutional investors and hedge funds 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.