Needham & Company LLC Boosts Hut 8 (NASDAQ:HUT) Price Target to $38.00

Hut 8 (NASDAQ:HUT) had its price objective increased by equities research analysts at Needham & Company LLC from $32.00 to $38.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s target price indicates a potential upside of 45.43% from the company’s current price.

Other equities research analysts have also recently issued reports about the stock. HC Wainwright boosted their price objective on shares of Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Cantor Fitzgerald started coverage on Hut 8 in a research note on Monday, December 9th. They issued an “overweight” rating and a $35.00 price objective on the stock. Piper Sandler started coverage on Hut 8 in a research report on Tuesday. They set an “overweight” rating and a $33.00 target price for the company. Canaccord Genuity Group increased their price target on Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, Benchmark raised their price target on Hut 8 from $17.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $31.88.

Hut 8 Stock Performance

Shares of NASDAQ HUT opened at $26.13 on Tuesday. The firm has a 50-day simple moving average of $21.45 and a two-hundred day simple moving average of $15.85. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. Hut 8 has a 1 year low of $6.18 and a 1 year high of $31.95.

Hedge Funds Weigh In On Hut 8

A number of large investors have recently made changes to their positions in HUT. Bank of New York Mellon Corp purchased a new position in shares of Hut 8 in the 2nd quarter valued at approximately $4,390,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Hut 8 by 27.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,223 shares of the company’s stock valued at $213,000 after purchasing an additional 3,105 shares in the last quarter. Rhumbline Advisers raised its holdings in shares of Hut 8 by 684,077.8% in the second quarter. Rhumbline Advisers now owns 123,152 shares of the company’s stock worth $1,846,000 after buying an additional 123,134 shares during the last quarter. Foundations Investment Advisors LLC lifted its stake in shares of Hut 8 by 2.0% during the second quarter. Foundations Investment Advisors LLC now owns 48,728 shares of the company’s stock worth $730,000 after buying an additional 949 shares during the period. Finally, Victory Capital Management Inc. purchased a new stake in shares of Hut 8 during the second quarter valued at $154,000. 31.75% of the stock is owned by institutional investors and hedge funds.

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.