Hut 8 (NASDAQ:HUT) Price Target Raised to $32.00

Hut 8 (NASDAQ:HUT) had its price target hoisted by Canaccord Genuity Group from $22.00 to $32.00 in a report released on Thursday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Several other equities research analysts have also issued reports on HUT. Craig Hallum lifted their price objective on Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday. Needham & Company LLC increased their target price on shares of Hut 8 from $21.00 to $32.00 and gave the company a “buy” rating in a report on Thursday. Stifel Nicolaus raised 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. HC Wainwright boosted their price objective on shares of Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Benchmark boosted their target price on Hut 8 from $17.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Hut 8 has a consensus rating of “Buy” and an average price target of $30.17.

Hut 8 Trading Up 9.2 %

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Swiss National Bank raised its stake in Hut 8 by 61.6% during the first quarter. Swiss National Bank now owns 141,940 shares of the company’s stock valued at $1,567,000 after buying an additional 54,100 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Hut 8 by 8,329.2% during the 1st quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock valued at $30,770,000 after buying an additional 2,754,037 shares during the period. Vident Advisory LLC lifted its holdings in Hut 8 by 78.3% in the first quarter. Vident Advisory LLC now owns 581,481 shares of the company’s stock valued at $6,422,000 after acquiring an additional 255,307 shares during the period. Tidal Investments LLC purchased a new position in shares of Hut 8 in the first quarter worth approximately $18,191,000. Finally, Westend Capital Management LLC boosted its stake in shares of Hut 8 by 1.7% during the 2nd quarter. Westend Capital Management LLC now owns 477,961 shares of the company’s stock worth $7,289,000 after acquiring an additional 7,827 shares during the last quarter. 31.75% of the stock is currently 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.