Craig Hallum Forecasts Strong Price Appreciation for Hut 8 (NASDAQ:HUT) Stock

Hut 8 (NASDAQ:HUT) had its price objective increased by Craig Hallum from $15.00 to $32.00 in a report issued on Thursday,Benzinga reports. The firm currently has a buy rating on the stock.

HUT has been the topic of a number of other research reports. Benchmark increased their target price on shares of Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday. 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. Needham & Company LLC increased their price target on shares of Hut 8 from $21.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday. Canaccord Genuity Group reiterated a “buy” rating and set a $22.00 price target on shares of Hut 8 in a research report on Wednesday, August 21st. Finally, HC Wainwright increased their price target on shares of Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $30.17.

Hut 8 Price Performance

HUT traded up $1.45 on Thursday, reaching $24.59. The company had a trading volume of 4,589,598 shares, compared to its average volume of 5,091,761. Hut 8 has a fifty-two week low of $6.18 and a fifty-two week high of $28.47. The company’s fifty day moving average is $13.87 and its 200 day moving average is $12.74. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 0.43.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings results on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.11. The company had revenue of $35.22 million during the quarter, compared to analyst estimates of $38.00 million. On average, analysts forecast that Hut 8 will post -0.55 earnings per share for the current year.

Hedge Funds Weigh In On Hut 8

Several institutional investors and hedge funds have recently added to or reduced their stakes in HUT. Capital Performance Advisors LLP bought a new position in Hut 8 in the 3rd quarter valued at approximately $40,000. Amalgamated Bank bought a new position in shares of Hut 8 during the second quarter valued at $42,000. Intech Investment Management LLC bought a new position in shares of Hut 8 during the third quarter valued at $133,000. Victory Capital Management Inc. bought a new position in shares of Hut 8 during the second quarter valued at $154,000. Finally, Entropy Technologies LP bought a new position in shares of Hut 8 during the third quarter valued at $170,000. Institutional investors 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.