Hut 8 (NASDAQ:HUT) Coverage Initiated at Keefe, Bruyette & Woods

Equities researchers at Keefe, Bruyette & Woods started coverage on shares of Hut 8 (NASDAQ:HUT - Get Free Report) in a research note issued to investors on Wednesday, MarketBeat Ratings reports. The firm set an "outperform" rating on the stock.

A number of other equities analysts have also recently commented on the stock. Craig Hallum lifted their target price on shares of Hut 8 from $15.00 to $32.00 and gave the company a "buy" rating in a report on Thursday, November 14th. HC Wainwright lifted their price objective on shares of Hut 8 from $26.00 to $35.00 and gave the company a "buy" rating in a research note on Thursday, November 14th. Cantor Fitzgerald reiterated an "overweight" rating and set a $35.00 target price on shares of Hut 8 in a research note on Tuesday. Piper Sandler started coverage on Hut 8 in a research report on Tuesday, December 17th. They issued an "overweight" rating and a $33.00 price target on the stock. Finally, Stifel Nicolaus increased their price objective on Hut 8 from $15.00 to $18.00 and gave the stock a "speculative buy" rating in a research report on Wednesday, October 30th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Hut 8 currently has a consensus rating of "Buy" and a consensus price target of $33.00.

Hut 8 Stock Performance

Shares of NASDAQ HUT traded down $1.35 during trading hours on Wednesday, reaching $23.50. The stock had a trading volume of 5,033,542 shares, compared to its average volume of 5,853,038. The firm has a 50-day moving average of $23.97 and a 200-day moving average of $17.09. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. Hut 8 has a fifty-two week low of $6.18 and a fifty-two week high of $31.95.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of HUT. Foundations Investment Advisors LLC lifted its position in shares of Hut 8 by 2.1% during the 3rd quarter. Foundations Investment Advisors LLC now owns 49,755 shares of the company's stock valued at $610,000 after acquiring an additional 1,027 shares during the period. AM Investment Strategies LLC increased its stake in Hut 8 by 3.6% in the 3rd quarter. AM Investment Strategies LLC now owns 44,000 shares of the company's stock valued at $539,000 after purchasing an additional 1,521 shares in the last quarter. Amalgamated Bank acquired a new position in Hut 8 during the second quarter worth $42,000. Capital Performance Advisors LLP purchased a new stake in Hut 8 during the third quarter worth $40,000. Finally, BNP Paribas Financial Markets grew its holdings in Hut 8 by 24.6% in the third quarter. BNP Paribas Financial Markets now owns 18,520 shares of the company's stock valued at $227,000 after purchasing an additional 3,653 shares during the last quarter. Institutional investors and hedge funds own 31.75% of the company's stock.

About Hut 8

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.