Hut 8 (NASDAQ:HUT) Earns Buy Rating from Analysts at Rosenblatt Securities

Stock analysts at Rosenblatt Securities started coverage on shares of Hut 8 (NASDAQ:HUT - Get Free Report) in a research report issued on Friday, MarketBeat reports. The firm set a "buy" rating and a $23.00 price target on the stock. Rosenblatt Securities' price objective indicates a potential upside of 70.24% from the company's current price.

Several other research analysts have also commented on the company. Needham & Company LLC reissued a "buy" rating and set a $30.00 price objective on shares of Hut 8 in a report on Tuesday. Benchmark reaffirmed a "buy" rating and issued a $41.00 target price on shares of Hut 8 in a research note on Tuesday, January 7th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $35.00 target price on shares of Hut 8 in a research note on Tuesday, January 7th. Craig Hallum upped their target price on Hut 8 from $15.00 to $32.00 and gave the stock a "buy" rating in a research note on Thursday, November 14th. Finally, HC Wainwright cut their target price on Hut 8 from $35.00 to $30.00 and set a "buy" rating for the company in a research note on Tuesday. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $29.89.

Hut 8 Price Performance

Shares of NASDAQ HUT traded up $0.10 during midday trading on Friday, hitting $13.51. 5,317,118 shares of the company's stock were exchanged, compared to its average volume of 5,159,298. Hut 8 has a 12-month low of $6.77 and a 12-month high of $31.95. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. The business's fifty day moving average price is $20.82 and its two-hundred day moving average price is $18.69.

Remove Ads

Institutional Trading of Hut 8

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Neo Ivy Capital Management bought a new stake in Hut 8 in the fourth quarter valued at approximately $252,000. Two Seas Capital LP raised its holdings in shares of Hut 8 by 132.7% during the fourth quarter. Two Seas Capital LP now owns 476,808 shares of the company's stock valued at $9,770,000 after acquiring an additional 271,892 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Hut 8 by 25.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 167,469 shares of the company's stock valued at $3,431,000 after acquiring an additional 33,713 shares in the last quarter. Voloridge Investment Management LLC bought a new position in shares of Hut 8 during the fourth quarter valued at approximately $24,170,000. Finally, Vennlight Capital Management LP bought a new position in shares of Hut 8 during the fourth quarter valued at approximately $2,414,000. Institutional investors 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.