Cantor Fitzgerald Reaffirms Overweight Rating for Hut 8 (NASDAQ:HUT)

Hut 8 (NASDAQ:HUT)‘s stock had its “overweight” rating restated by Cantor Fitzgerald in a research note issued to investors on Tuesday,Benzinga reports. They presently have a $35.00 price target on the stock. Cantor Fitzgerald’s target price points to a potential upside of 31.23% from the stock’s current price.

Several other research analysts also recently issued reports on the stock. HC Wainwright upped 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, November 14th. Piper Sandler began coverage on shares of Hut 8 in a research report on Tuesday, December 17th. They set an “overweight” rating and a $33.00 target price on the stock. Needham & Company LLC raised their price target on shares of Hut 8 from $32.00 to $38.00 and gave the company a “buy” rating in a report on Tuesday, December 17th. Canaccord Genuity Group upped their price objective on Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Finally, Benchmark reissued a “buy” rating and issued a $41.00 target price on shares of Hut 8 in a research note on Tuesday. Eight research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $33.00.

Hut 8 Trading Up 10.4 %

Hut 8 stock opened at $26.67 on Tuesday. The business’s fifty day moving average is $23.82 and its two-hundred day moving average is $17.01. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. Hut 8 has a 52 week low of $6.18 and a 52 week high of $31.95.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Barclays PLC increased its holdings in 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 purchasing an additional 28,532 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Hut 8 by 21.1% during the 3rd quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock worth $26,902,000 after buying an additional 381,720 shares during the period. Y Intercept Hong Kong Ltd grew its position in shares of Hut 8 by 25.6% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 60,492 shares of the company’s stock worth $742,000 after buying an additional 12,314 shares during the period. XTX Topco Ltd bought a new stake in shares of Hut 8 in the 3rd quarter valued at about $162,000. Finally, State Street Corp raised its position in shares of Hut 8 by 12.6% in the 3rd quarter. State Street Corp now owns 2,740,769 shares of the company’s stock valued at $33,602,000 after acquiring an additional 307,292 shares during the period. 31.75% of the stock is currently owned by institutional investors.

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.