Hut 8’s (HUT) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Hut 8 (NASDAQ:HUT) in a report published on Monday morning,Benzinga reports. They currently have a $38.00 target price on the stock.

Several other research analysts have also recently weighed in on the stock. Piper Sandler initiated coverage on shares of Hut 8 in a report on Tuesday, December 17th. They set an “overweight” rating and a $33.00 price objective for the company. HC Wainwright boosted their target price on shares of Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Canaccord Genuity Group raised their price target on Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Benchmark reiterated a “buy” rating and set a $41.00 price objective on shares of Hut 8 in a research report on Tuesday, January 7th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $35.00 target price on shares of Hut 8 in a research report on Tuesday, January 7th. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Hut 8 currently has an average rating of “Buy” and a consensus target price of $33.00.

Hut 8 Stock Up 10.1 %

NASDAQ HUT opened at $26.26 on Monday. 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 $24.83 and a 200 day moving average of $17.47. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in HUT. Capital Performance Advisors LLP bought a new stake in Hut 8 during the 3rd quarter worth approximately $40,000. Amalgamated Bank bought a new stake in shares of Hut 8 during the 2nd quarter valued at $42,000. Intech Investment Management LLC bought a new position in Hut 8 in the 3rd quarter worth $133,000. Victory Capital Management Inc. purchased a new stake in Hut 8 in the 2nd quarter worth $154,000. Finally, XTX Topco Ltd purchased a new stake in Hut 8 in the 3rd quarter worth $162,000. 31.75% of the stock is currently owned by 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.