Benchmark Has Lowered Expectations for Hut 8 (NASDAQ:HUT) Stock Price

Hut 8 (NASDAQ:HUT - Free Report) had its price target cut by Benchmark from $41.00 to $33.00 in a report published on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

Several other analysts also recently issued reports on HUT. Cantor Fitzgerald reissued an "overweight" rating and set a $30.00 target price on shares of Hut 8 in a research note on Friday, March 7th. Keefe, Bruyette & Woods started coverage on shares of Hut 8 in a report on Wednesday, January 8th. They issued an "outperform" rating for the company. Piper Sandler initiated coverage on Hut 8 in a report on Tuesday, December 17th. They issued an "overweight" rating and a $33.00 target price for the company. Rosenblatt Securities assumed coverage on Hut 8 in a report on Friday, March 7th. They set a "buy" rating and a $23.00 price target on the stock. Finally, Needham & Company LLC restated a "buy" rating and set a $30.00 price target on shares of Hut 8 in a report on Tuesday, March 4th. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Hut 8 currently has a consensus rating of "Buy" and an average target price of $29.40.

Hut 8 Price Performance

Hut 8 stock traded up $0.16 during midday trading on Wednesday, hitting $11.55. The company's stock had a trading volume of 4,084,586 shares, compared to its average volume of 5,218,673. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. The stock's 50-day moving average price is $16.08 and its 200-day moving average price is $19.05. Hut 8 has a 12 month low of $6.95 and a 12 month high of $31.95.

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Hedge Funds Weigh In On Hut 8

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of Hut 8 by 3.9% during the 4th quarter. Vanguard Group Inc. now owns 6,459,385 shares of the company's stock worth $132,352,000 after purchasing an additional 245,113 shares during the period. State Street Corp grew its position in shares of Hut 8 by 12.6% during 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. Geode Capital Management LLC increased its stake 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 purchasing an additional 381,720 shares during the last quarter. Jericho Capital Asset Management L.P. bought a new stake in shares of Hut 8 in the 4th quarter worth approximately $37,400,000. Finally, BIT Capital GmbH lifted its stake in Hut 8 by 11.5% in the fourth quarter. BIT Capital GmbH now owns 1,818,456 shares of the company's stock valued at $37,260,000 after purchasing an additional 187,773 shares during the last quarter. Hedge funds and other institutional investors own 31.75% of the company's stock.

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.