Hut 8 (NASDAQ:HUT) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Hut 8 (NASDAQ:HUT - Free Report) in a research report sent to investors on Monday,Benzinga reports. The brokerage currently has a $38.00 target price on the stock.

HUT has been the topic of a number of other reports. Piper Sandler initiated coverage on Hut 8 in a report on Tuesday, December 17th. They issued an "overweight" rating and a $33.00 target price on the stock. HC Wainwright lifted their price objective on shares of Hut 8 from $26.00 to $35.00 and gave the company a "buy" rating in a research note on Thursday, November 14th. Cantor Fitzgerald reissued an "overweight" rating and issued a $35.00 price target on shares of Hut 8 in a research report on Tuesday, January 7th. Stifel Nicolaus increased their target price on Hut 8 from $15.00 to $18.00 and gave the company a "speculative buy" rating in a research note on Wednesday, October 30th. Finally, Keefe, Bruyette & Woods began coverage on shares of Hut 8 in a research report on Wednesday, January 8th. They set an "outperform" rating for the company. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Hut 8 currently has an average rating of "Buy" and a consensus price target of $33.00.

Hut 8 Stock Down 2.0 %

HUT stock traded down $0.47 during trading on Monday, reaching $22.93. 3,924,418 shares of the stock traded hands, compared to its average volume of 5,364,687. 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 52-week low of $6.18 and a 52-week high of $31.95. The business's 50 day moving average price is $24.53 and its 200-day moving average price is $17.35.

Institutional Investors Weigh In On Hut 8

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

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.