Hut 8 Corp. (NASDAQ:HUT - Get Free Report) shares gapped down before the market opened on Thursday after Benchmark lowered their price target on the stock from $41.00 to $33.00. The stock had previously closed at $13.39, but opened at $11.77. Benchmark currently has a buy rating on the stock. Hut 8 shares last traded at $12.04, with a volume of 1,171,568 shares traded.
Several other research firms also recently commented on HUT. Needham & Company LLC reiterated a "buy" rating and issued a $30.00 price objective on shares of Hut 8 in a report on Tuesday, March 4th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $30.00 price target on shares of Hut 8 in a research note on Friday, March 7th. Rosenblatt Securities started coverage on Hut 8 in a report on Friday, March 7th. They set a "buy" rating and a $23.00 price objective for the company. Piper Sandler assumed coverage on Hut 8 in a research note on Tuesday, December 17th. They set an "overweight" rating and a $33.00 target price on the stock. Finally, Canaccord Genuity Group reissued a "buy" rating and set a $32.00 price target on shares of Hut 8 in a report on Tuesday, March 4th. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat, Hut 8 currently has an average rating of "Buy" and a consensus price target of $29.40.
Get Our Latest Stock Report on Hut 8
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently made changes to their positions in HUT. Vanguard Group Inc. increased its holdings in Hut 8 by 3.9% in 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 in the last quarter. State Street Corp raised its position in shares of Hut 8 by 12.6% during the third quarter. State Street Corp now owns 2,740,769 shares of the company's stock worth $33,602,000 after acquiring an additional 307,292 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Hut 8 by 21.1% during the third quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company's stock worth $26,902,000 after acquiring an additional 381,720 shares during the last quarter. Jericho Capital Asset Management L.P. acquired a new stake in Hut 8 during the 4th quarter valued at approximately $37,400,000. Finally, BIT Capital GmbH raised its holdings in Hut 8 by 11.5% during the 4th quarter. BIT Capital GmbH now owns 1,818,456 shares of the company's stock worth $37,260,000 after purchasing an additional 187,773 shares during the last quarter. Institutional investors own 31.75% of the company's stock.
Hut 8 Stock Performance
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.
About Hut 8
(
Get Free Report)
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.
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