Hut 8 (NASDAQ:HUT) Earns Buy Rating from Benchmark

Hut 8 (NASDAQ:HUT - Get Free Report)'s stock had its "buy" rating restated by equities research analysts at Benchmark in a research note issued on Tuesday,Benzinga reports. They presently have a $41.00 price objective on the stock. Benchmark's target price would suggest a potential upside of 64.99% from the company's current price.

A number of other equities analysts have also issued reports on the company. HC Wainwright increased their price target on Hut 8 from $26.00 to $35.00 and gave the company a "buy" rating in a research note on Thursday, November 14th. Craig Hallum lifted their target price on Hut 8 from $15.00 to $32.00 and gave the stock a "buy" rating in a report on Thursday, November 14th. Canaccord Genuity Group upped their price target on shares of Hut 8 from $22.00 to $32.00 and gave the company a "buy" rating in a report on Thursday, November 14th. Piper Sandler assumed coverage on shares of Hut 8 in a research note on Tuesday, December 17th. They issued an "overweight" rating and a $33.00 price objective on the stock. Finally, Needham & Company LLC increased their target price on shares of Hut 8 from $32.00 to $38.00 and gave the company a "buy" rating in a research note on Tuesday, December 17th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $33.00.

Hut 8 Stock Performance

HUT stock traded down $1.82 on Tuesday, reaching $24.85. The company's stock had a trading volume of 7,133,522 shares, compared to its average volume of 6,056,216. The firm has a fifty day moving average of $23.82 and a two-hundred day moving average of $17.01. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. Hut 8 has a 52 week low of $6.18 and a 52 week high of $31.95.

Institutional Trading of Hut 8

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