Hut 8's (HUT) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Hut 8 (NASDAQ:HUT - Free Report) in a research note released on Tuesday morning,Benzinga reports. The firm currently has a $30.00 price target on the stock.

Several other brokerages also recently issued reports on HUT. Keefe, Bruyette & Woods started coverage on shares of Hut 8 in a research note on Wednesday, January 8th. They issued an "outperform" rating on the stock. Cantor Fitzgerald restated an "overweight" rating and issued a $35.00 price target on shares of Hut 8 in a research report on Tuesday, January 7th. HC Wainwright upped their price objective on shares of Hut 8 from $26.00 to $35.00 and gave the company a "buy" rating in a research report on Thursday, November 14th. Benchmark reiterated a "buy" rating and issued a $41.00 target price on shares of Hut 8 in a research note on Tuesday, January 7th. Finally, Piper Sandler assumed coverage on Hut 8 in a research note on Tuesday, December 17th. They set an "overweight" rating and a $33.00 price target on the stock. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Hut 8 has an average rating of "Buy" and a consensus target price of $29.89.

Hut 8 Stock Up 0.7 %

Shares of NASDAQ HUT traded up $0.10 during trading hours on Tuesday, hitting $13.51. 5,317,118 shares of the company's stock were exchanged, compared to its average volume of 5,145,030. The company's 50-day moving average price is $21.00 and its 200-day moving average price is $18.68. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. Hut 8 has a 1-year low of $6.77 and a 1-year high of $31.95.

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Institutional Investors Weigh In On Hut 8

Several large investors have recently modified their holdings of the stock. Nisa Investment Advisors LLC boosted its stake in Hut 8 by 77.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company's stock valued at $26,000 after buying an additional 545 shares in the last quarter. R Squared Ltd bought a new position in shares of Hut 8 during the fourth quarter valued at $26,000. Optiver Holding B.V. bought a new position in shares of Hut 8 during the fourth quarter valued at $35,000. Capital Performance Advisors LLP acquired a new stake in shares of Hut 8 in the 3rd quarter valued at $40,000. Finally, Russell Investments Group Ltd. grew its holdings in shares of Hut 8 by 832.4% in the 4th quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company's stock worth $42,000 after purchasing an additional 1,823 shares during the last quarter. 31.75% of the stock is currently owned by institutional investors.

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.