Cantor Fitzgerald Reiterates Overweight Rating for Hut 8 (NASDAQ:HUT)

Hut 8 (NASDAQ:HUT)‘s stock had its “overweight” rating reissued by Cantor Fitzgerald in a research report issued on Tuesday,Benzinga reports. They currently have a $35.00 price target on the stock. Cantor Fitzgerald’s target price indicates a potential upside of 48.94% from the company’s current price.

Several other equities research analysts also recently commented on HUT. HC Wainwright boosted their price objective on Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Craig Hallum upped their price objective on shares of Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Benchmark reiterated a “buy” rating and set a $41.00 price objective on shares of Hut 8 in a report on Tuesday. Piper Sandler started coverage on shares of Hut 8 in a research report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price target on the stock. Finally, Canaccord Genuity Group lifted their price target on Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $33.00.

Hut 8 Price Performance

Shares of HUT opened at $23.50 on Tuesday. Hut 8 has a one year low of $6.18 and a one year high of $31.95. The stock has a 50-day moving average of $23.97 and a 200-day moving average of $17.09. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00.

Institutional Trading of Hut 8

Institutional investors and hedge funds have recently modified their holdings of the business. Capital Performance Advisors LLP purchased a new position in Hut 8 in the third quarter worth $40,000. Amalgamated Bank purchased a new position in shares of Hut 8 in the 2nd quarter worth about $42,000. Intech Investment Management LLC bought a new position in Hut 8 during the third quarter valued at about $133,000. Victory Capital Management Inc. purchased a new stake in Hut 8 during the second quarter worth about $154,000. Finally, XTX Topco Ltd bought a new stake in Hut 8 in the third quarter worth about $162,000. 31.75% of the stock is owned by hedge funds and other institutional investors.

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.