Hut 8’s (HUT) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Hut 8 (NASDAQ:HUT) in a research note released on Tuesday,Benzinga reports. They currently have a $30.00 price target on the stock.

Several other research analysts have also issued reports on HUT. HC Wainwright raised their price target on Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. 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 report on Thursday, November 14th. Craig Hallum upped their price target on Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Benchmark reissued a “buy” rating and set a $41.00 price objective on shares of Hut 8 in a research note on Tuesday, January 7th. Finally, Piper Sandler initiated coverage on shares of Hut 8 in a report on Tuesday, December 17th. They set an “overweight” rating and a $33.00 price objective for the company. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Hut 8 has an average rating of “Buy” and a consensus price target of $31.38.

Hut 8 Stock Down 10.1 %

Shares of NASDAQ HUT opened at $13.41 on Tuesday. Hut 8 has a fifty-two week low of $6.77 and a fifty-two week high of $31.95. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. The company’s 50 day simple moving average is $21.00 and its 200 day simple moving average is $18.68.

Institutional Trading of Hut 8

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in shares of Hut 8 by 3.9% in the fourth quarter. Vanguard Group Inc. now owns 6,459,385 shares of the company’s stock valued at $132,352,000 after buying an additional 245,113 shares during the period. State Street Corp lifted its position in 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 in the last quarter. JAT Capital Mgmt LP acquired a new position in Hut 8 in the 3rd quarter worth $32,260,000. Geode Capital Management LLC increased its holdings in 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 purchasing an additional 381,720 shares in the last quarter. Finally, Jericho Capital Asset Management L.P. acquired a new stake in shares of Hut 8 in the 4th quarter valued at about $37,400,000. 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.