Hut 8 (NASDAQ:HUT) Earns Overweight Rating from Analysts at Cantor Fitzgerald

Cantor Fitzgerald started coverage on shares of Hut 8 (NASDAQ:HUT) in a research note released on Monday morning, MarketBeat.com reports. The firm issued an overweight rating and a $35.00 target price on the stock.

Several other equities analysts also recently weighed in on the company. Benchmark lifted their target price on Hut 8 from $17.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Craig Hallum lifted their price objective on Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Needham & Company LLC raised their target price on shares of Hut 8 from $21.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. HC Wainwright lifted their price target on shares of Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Finally, Stifel Nicolaus upped their price target on shares of Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a research report on Wednesday, October 30th. Seven analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $30.86.

Hut 8 Stock Performance

Shares of HUT opened at $26.69 on Monday. 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 one year low of $6.18 and a one year high of $31.95. The business has a fifty day moving average of $19.81 and a 200 day moving average of $15.19.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in HUT. Foundations Investment Advisors LLC increased its stake in shares of Hut 8 by 2.0% in the second quarter. Foundations Investment Advisors LLC now owns 48,728 shares of the company’s stock worth $730,000 after acquiring an additional 949 shares during the period. AM Investment Strategies LLC grew its position in Hut 8 by 3.6% during the 3rd quarter. AM Investment Strategies LLC now owns 44,000 shares of the company’s stock worth $539,000 after purchasing an additional 1,521 shares during the period. Amalgamated Bank purchased a new position in shares of Hut 8 during the 2nd quarter valued at about $42,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Hut 8 by 27.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,223 shares of the company’s stock valued at $213,000 after buying an additional 3,105 shares during the period. Finally, Capital Performance Advisors LLP purchased a new stake in shares of Hut 8 in the third quarter worth about $40,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

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.