Hut 8 (NASDAQ:HUT) Given Buy Rating at Benchmark

Benchmark reissued their buy rating on shares of Hut 8 (NASDAQ:HUT) in a report published on Tuesday morning,Benzinga reports. The firm currently has a $41.00 price target on the stock.

A number of other analysts have also commented on the company. Craig Hallum boosted their price target on Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Canaccord Genuity Group boosted their target price on Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Stifel Nicolaus upped their price target on Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a research report on Wednesday, October 30th. Piper Sandler began coverage on shares of Hut 8 in a report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price objective on the stock. Finally, HC Wainwright increased their target price on shares of Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $33.00.

Hut 8 Stock Down 6.8 %

Shares of NASDAQ:HUT opened at $24.85 on Tuesday. Hut 8 has a 12 month low of $6.18 and a 12 month high of $31.95. The company’s fifty day simple moving average is $23.82 and its 200 day simple moving average is $17.01. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00.

Institutional Trading of Hut 8

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Barclays PLC lifted its position in shares of Hut 8 by 29.7% in the third quarter. Barclays PLC now owns 124,527 shares of the company’s stock valued at $1,526,000 after buying an additional 28,532 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Hut 8 by 21.1% during the 3rd quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock valued at $26,902,000 after purchasing an additional 381,720 shares during the last quarter. Y Intercept Hong Kong Ltd boosted its position in Hut 8 by 25.6% during the third quarter. Y Intercept Hong Kong Ltd now owns 60,492 shares of the company’s stock worth $742,000 after purchasing an additional 12,314 shares during the period. XTX Topco Ltd acquired a new position in shares of Hut 8 in the third quarter valued at $162,000. Finally, State Street Corp raised its position in shares of Hut 8 by 12.6% in the third quarter. State Street Corp now owns 2,740,769 shares of the company’s stock valued at $33,602,000 after purchasing an additional 307,292 shares during the period. 31.75% of the stock is owned by institutional investors.

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.