Hut 8 (NASDAQ:HUT) Receives New Coverage from Analysts at Benchmark

Benchmark initiated coverage on shares of Hut 8 (NASDAQ:HUT) in a report issued on Monday, Marketbeat.com reports. The brokerage issued a buy rating and a $12.00 price target on the stock.

A number of other equities research analysts have also recently issued reports on HUT. Craig Hallum boosted their target price on shares of Hut 8 from $10.00 to $12.00 and gave the company a hold rating in a report on Monday, April 1st. Canaccord Genuity Group lowered their target price on shares of Hut 8 from $17.50 to $14.00 and set a buy rating on the stock in a report on Friday, April 5th. HC Wainwright boosted their target price on shares of Hut 8 from $7.00 to $9.00 and gave the company a sell rating in a report on Thursday, March 28th. Stifel Nicolaus boosted their target price on shares of Hut 8 from $3.25 to $15.00 and gave the company a speculative buy rating in a report on Monday, January 8th. Finally, Needham & Company LLC reissued a buy rating and set a $12.00 target price on shares of Hut 8 in a report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $12.33.

Hut 8 Trading Down 6.7 %

NASDAQ:HUT opened at $8.98 on Monday. 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 has a market capitalization of $801.38 million, a PE ratio of -3.27 and a beta of 3.91. The firm’s 50 day moving average is $8.70 and its 200 day moving average is $7.40. Hut 8 has a 12 month low of $6.18 and a 12 month high of $22.75.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Global Retirement Partners LLC grew its position in Hut 8 by 280.1% in the first quarter. Global Retirement Partners LLC now owns 5,428 shares of the company’s stock worth $60,000 after acquiring an additional 4,000 shares in the last quarter. Golden Green Inc. purchased a new position in Hut 8 in the third quarter worth $29,000. Private Advisor Group LLC grew its position in Hut 8 by 54.7% in the third quarter. Private Advisor Group LLC now owns 18,095 shares of the company’s stock worth $35,000 after acquiring an additional 6,400 shares in the last quarter. QCM Cayman Ltd. purchased a new position in Hut 8 in the third quarter worth $60,000. Finally, Headlands Technologies LLC purchased a new position in Hut 8 in the third quarter worth $73,000. Institutional investors own 31.75% of the company’s stock.

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.