Hut 8 (NASDAQ:HUT) Price Target Raised to $38.00 at Needham & Company LLC

Hut 8 (NASDAQ:HUT - Free Report) had its price objective boosted by Needham & Company LLC from $32.00 to $38.00 in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other analysts also recently commented on HUT. 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 research report on Thursday, November 14th. Cantor Fitzgerald assumed coverage on shares of Hut 8 in a research note on Monday, December 9th. They set an "overweight" rating and a $35.00 target price for the company. Piper Sandler started coverage on Hut 8 in a research report on Tuesday. They issued an "overweight" rating and a $33.00 price target on the stock. Benchmark lifted their target price on Hut 8 from $17.00 to $32.00 and gave the company a "buy" rating in a research note on Thursday, November 14th. Finally, Stifel Nicolaus upped their price target on Hut 8 from $15.00 to $18.00 and gave the stock a "speculative buy" rating in a research note on Wednesday, October 30th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, Hut 8 has a consensus rating of "Buy" and an average price target of $31.88.

Hut 8 Stock Up 1.9 %

NASDAQ:HUT traded up $0.56 during mid-day trading on Tuesday, reaching $29.62. 8,986,374 shares of the stock were exchanged, compared to its average volume of 5,402,127. Hut 8 has a 1 year low of $6.18 and a 1 year high of $31.95. The company has a 50 day simple moving average of $20.78 and a 200-day simple moving average of $15.64. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Amalgamated Bank acquired a new position in shares of Hut 8 during the 2nd quarter worth approximately $42,000. Capital Performance Advisors LLP acquired a new position in Hut 8 in the third quarter valued at $40,000. Victory Capital Management Inc. acquired a new stake in Hut 8 in the 2nd quarter worth about $154,000. Intech Investment Management LLC purchased a new stake in Hut 8 in the 3rd quarter valued at about $133,000. Finally, XTX Topco Ltd acquired a new position in shares of Hut 8 during the 3rd quarter valued at about $162,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Hut 8 Company Profile

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.