Hut 8 (NASDAQ:HUT) Given New $30.00 Price Target at HC Wainwright

Hut 8 (NASDAQ:HUT) had its price objective reduced by analysts at HC Wainwright from $35.00 to $30.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s target price would suggest a potential upside of 113.07% from the stock’s current price.

A number of other brokerages also recently commented on HUT. Craig Hallum lifted their target price on shares of Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Benchmark reaffirmed a “buy” rating and set a $41.00 price target on shares of Hut 8 in a research report on Tuesday, January 7th. Needham & Company LLC reiterated a “buy” rating and issued a $30.00 price objective on shares of Hut 8 in a report on Tuesday. Canaccord Genuity Group raised their target price on Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $35.00 price target on shares of Hut 8 in a research note on Tuesday, January 7th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $31.38.

Hut 8 Trading Down 4.5 %

NASDAQ HUT opened at $14.08 on Tuesday. The business’s fifty day simple moving average is $21.60 and its 200-day simple moving average is $18.73. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. Hut 8 has a 52 week low of $6.77 and a 52 week high of $31.95.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in HUT. JAT Capital Mgmt LP acquired a new stake in shares of Hut 8 in the third quarter valued at $32,260,000. Jericho Capital Asset Management L.P. acquired a new position in Hut 8 in the 4th quarter valued at about $37,400,000. D. E. Shaw & Co. Inc. acquired a new position in Hut 8 in the 4th quarter valued at about $27,115,000. Voloridge Investment Management LLC purchased a new stake in Hut 8 during the fourth quarter worth about $24,170,000. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in shares of Hut 8 during the fourth quarter worth about $23,009,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

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.