HC Wainwright Increases Hut 8 (NASDAQ:HUT) Price Target to $9.00

Hut 8 (NASDAQ:HUT) had its target price boosted by investment analysts at HC Wainwright from $7.00 to $9.00 in a research note issued on Thursday, Benzinga reports. The firm currently has a “sell” rating on the stock. HC Wainwright’s price target suggests a potential downside of 20.07% from the company’s current price.

HUT has been the subject of several other reports. Needham & Company LLC began coverage on Hut 8 in a research report on Monday, March 18th. They set a “buy” rating and a $12.00 target price for the company. Stifel Nicolaus upped their price objective on Hut 8 from $3.25 to $15.00 and gave the stock a “speculative buy” rating in a report on Monday, January 8th.

Hut 8 Stock Performance

Shares of NASDAQ HUT traded up $1.40 during mid-day trading on Thursday, hitting $11.26. The company had a trading volume of 12,610,621 shares, compared to its average volume of 5,717,575. The company has a market capitalization of $499.38 million, a price-to-earnings ratio of -4.25 and a beta of 3.86. Hut 8 has a 1 year low of $6.18 and a 1 year high of $22.75. The company has a current ratio of 4.61, a quick ratio of 4.61 and a debt-to-equity ratio of 0.04. The stock’s 50-day moving average price is $8.18 and its 200-day moving average price is $6.43.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Nomura Holdings Inc. purchased a new stake in shares of Hut 8 in the 4th quarter worth approximately $1,774,000. Barclays PLC boosted its stake in Hut 8 by 387.2% during the 4th quarter. Barclays PLC now owns 197,437 shares of the company’s stock valued at $2,633,000 after purchasing an additional 156,911 shares during the last quarter. Voya Investment Management LLC purchased a new stake in Hut 8 during the 4th quarter valued at $246,000. Nuveen Asset Management LLC purchased a new stake in Hut 8 during the 4th quarter valued at $496,000. Finally, Foundations Investment Advisors LLC purchased a new stake in Hut 8 during the 4th quarter valued at $605,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Hut 8 Company Profile

Hut 8 Corp. provides digital asset mining and high-performance computing infrastructure solutions in Canada. It operates computing infrastructure sites mines Bitcoin, as well as delivers cloud, colocation, and computing services to enterprise customers. The company was founded in 2017 and is based in Miami, Florida.