Hut 8 (NASDAQ:HUT) Given New $33.00 Price Target at Benchmark

Hut 8 (NASDAQ:HUT) had its price target decreased by Benchmark from $41.00 to $33.00 in a research note issued to investors on Wednesday,Benzinga reports. Benchmark currently has a buy rating on the stock.

Other research analysts have also recently issued research reports about the stock. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $32.00 target price on shares of Hut 8 in a research report on Tuesday, March 4th. Needham & Company LLC reaffirmed a “buy” rating and set a $30.00 price objective on shares of Hut 8 in a research report on Tuesday, March 4th. HC Wainwright dropped their target price on shares of Hut 8 from $35.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. Rosenblatt Securities began coverage on Hut 8 in a research note on Friday, March 7th. They set a “buy” rating and a $23.00 price target on the stock. Finally, Piper Sandler started coverage on Hut 8 in a research note on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price objective for the company. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $29.00.

Hut 8 Trading Up 0.5 %

Shares of Hut 8 stock opened at $13.39 on Wednesday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. Hut 8 has a 52 week low of $6.95 and a 52 week high of $31.95. The business’s fifty day simple moving average is $16.64 and its 200-day simple moving average is $18.99.

Institutional Investors Weigh In On Hut 8

Hedge funds have recently bought and sold shares of the stock. Nisa Investment Advisors LLC grew its position in shares of Hut 8 by 77.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock worth $26,000 after buying an additional 545 shares in the last quarter. Summit Investment Advisors Inc. lifted its stake in Hut 8 by 7.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 8,475 shares of the company’s stock worth $174,000 after acquiring an additional 618 shares during the last quarter. Arizona State Retirement System grew its holdings in Hut 8 by 2.8% during the 4th quarter. Arizona State Retirement System now owns 23,764 shares of the company’s stock worth $487,000 after acquiring an additional 637 shares in the last quarter. Foundations Investment Advisors LLC increased its position in shares of Hut 8 by 1.9% in the 4th quarter. Foundations Investment Advisors LLC now owns 50,687 shares of the company’s stock valued at $1,039,000 after purchasing an additional 932 shares during the last quarter. Finally, R Squared Ltd acquired a new stake in shares of Hut 8 in the 4th quarter valued at $26,000. 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.