Hut 8 (NASDAQ:HUT) Earns “Buy” Rating from Needham & Company LLC

Hut 8 (NASDAQ:HUT)‘s stock had its “buy” rating reaffirmed by Needham & Company LLC in a report released on Monday,Benzinga reports. They currently have a $38.00 target price on the stock. Needham & Company LLC’s price target suggests a potential upside of 59.26% from the company’s current price.

HUT has been the topic of a number of other reports. Benchmark reissued a “buy” rating and issued a $41.00 price target on shares of Hut 8 in a research report on Tuesday, January 7th. Cantor Fitzgerald reissued an “overweight” rating and set a $35.00 price objective on shares of Hut 8 in a report on Tuesday, January 7th. Stifel Nicolaus boosted their price target 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. Canaccord Genuity Group upped their price objective on Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, Piper Sandler assumed coverage on Hut 8 in a research report on Tuesday, December 17th. They set an “overweight” rating and a $33.00 price objective on the stock. Nine analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $33.00.

Hut 8 Trading Up 4.1 %

HUT opened at $23.86 on Monday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. The business has a 50 day moving average of $24.67 and a 200-day moving average of $17.41. Hut 8 has a 52 week low of $6.18 and a 52 week high of $31.95.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Amalgamated Bank purchased a new stake in Hut 8 in the 2nd quarter worth $42,000. Capital Performance Advisors LLP bought a new stake in shares of Hut 8 in the third quarter worth about $40,000. Victory Capital Management Inc. purchased a new stake in shares of Hut 8 in the second quarter worth about $154,000. Intech Investment Management LLC bought a new position in Hut 8 during the third quarter valued at approximately $133,000. Finally, XTX Topco Ltd bought a new position in Hut 8 during the third quarter valued at approximately $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.