Hut 8 (NASDAQ:HUT) Given "Overweight" Rating at Cantor Fitzgerald

Hut 8 (NASDAQ:HUT - Get Free Report)'s stock had its "overweight" rating reaffirmed by equities research analysts at Cantor Fitzgerald in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $35.00 price objective on the stock. Cantor Fitzgerald's target price suggests a potential upside of 40.85% from the stock's previous close.

Other analysts also recently issued research reports about the company. Needham & Company LLC raised their price target on Hut 8 from $32.00 to $38.00 and gave the stock a "buy" rating in a report on Tuesday, December 17th. Canaccord Genuity Group raised their target price on Hut 8 from $22.00 to $32.00 and gave the company a "buy" rating in a research note on Thursday, November 14th. Stifel Nicolaus upped their price target on shares of Hut 8 from $15.00 to $18.00 and gave the stock a "speculative buy" rating in a research report on Wednesday, October 30th. HC Wainwright increased their price objective on shares of Hut 8 from $26.00 to $35.00 and gave the stock a "buy" rating in a report on Thursday, November 14th. Finally, Piper Sandler assumed coverage on shares of Hut 8 in a research note on Tuesday, December 17th. They set an "overweight" rating and a $33.00 target price for the company. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Hut 8 currently has an average rating of "Buy" and a consensus target price of $33.00.

Hut 8 Price Performance

HUT traded down $1.82 on Tuesday, hitting $24.85. 7,133,522 shares of the company's stock were exchanged, compared to its average volume of 6,056,216. 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 has a fifty day moving average of $23.82 and a two-hundred day moving average of $17.01. Hut 8 has a twelve month low of $6.18 and a twelve month high of $31.95.

Hedge Funds Weigh In On Hut 8

Several large investors have recently bought and sold shares of the stock. Capital Performance Advisors LLP bought a new stake in shares of Hut 8 in the 3rd quarter worth $40,000. Amalgamated Bank bought a new stake in Hut 8 in the second quarter worth about $42,000. Intech Investment Management LLC acquired a new stake in Hut 8 in the 3rd quarter valued at about $133,000. Victory Capital Management Inc. bought a new position in shares of Hut 8 during the 2nd quarter valued at about $154,000. Finally, XTX Topco Ltd bought a new position in shares of Hut 8 during the 3rd quarter valued at about $162,000. Institutional investors and hedge funds 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.