Hut 8 (NASDAQ:HUT) Stock Price Expected to Rise, Benchmark Analyst Says

Hut 8 (NASDAQ:HUT) had its target price boosted by Benchmark from $17.00 to $32.00 in a research note released on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other equities research analysts also recently issued research reports about the stock. Craig Hallum boosted their price objective on shares of Hut 8 from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, October 2nd. Canaccord Genuity Group reissued a “buy” rating and set a $22.00 price target on shares of Hut 8 in a report on Wednesday, August 21st. 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 report on Wednesday, October 30th. HC Wainwright reaffirmed a “buy” rating and set a $13.50 price objective on shares of Hut 8 in a research report on Friday, September 20th. Finally, Needham & Company LLC increased their target price on shares of Hut 8 from $21.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $30.17.

Hut 8 Stock Up 9.2 %

Shares of NASDAQ HUT opened at $25.26 on Thursday. Hut 8 has a 12-month low of $6.18 and a 12-month high of $28.47. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.68 and a current ratio of 1.00. The firm has a 50 day moving average of $14.47 and a 200 day moving average of $12.93.

Institutional Trading of Hut 8

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Capital Performance Advisors LLP purchased a new stake in Hut 8 in the 3rd quarter worth about $40,000. Amalgamated Bank bought a new position in shares of Hut 8 during the second quarter valued at approximately $42,000. Intech Investment Management LLC purchased a new stake in shares of Hut 8 in the third quarter worth approximately $133,000. Victory Capital Management Inc. bought a new stake in shares of Hut 8 during the 2nd quarter worth approximately $154,000. Finally, XTX Topco Ltd bought a new stake in shares of Hut 8 during the 3rd quarter worth approximately $162,000. Hedge funds and other institutional investors 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.