Needham & Company LLC Reaffirms Buy Rating for Hut 8 (NASDAQ:HUT)

Hut 8 (NASDAQ:HUT)‘s stock had its “buy” rating reaffirmed by equities research analysts at Needham & Company LLC in a report released on Monday,Benzinga reports. They currently have a $38.00 target price on the stock. Needham & Company LLC’s price objective suggests a potential upside of 62.39% from the stock’s previous close.

A number of other research firms have also recently issued reports on HUT. Craig Hallum boosted their price objective on Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Keefe, Bruyette & Woods initiated coverage on Hut 8 in a report on Wednesday, January 8th. They set an “outperform” rating for the company. Cantor Fitzgerald restated an “overweight” rating and set a $35.00 price objective on shares of Hut 8 in a report on Tuesday, January 7th. HC Wainwright boosted their price objective on Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Finally, Canaccord Genuity Group lifted their target price on Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Nine analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $33.00.

Hut 8 Trading Down 0.4 %

HUT opened at $23.40 on Monday. The business has a fifty day moving average of $24.38 and a 200 day moving average of $17.29. Hut 8 has a 52-week low of $6.18 and a 52-week high of $31.95. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00.

Institutional Trading of Hut 8

A number of hedge funds have recently modified their holdings of the stock. Foundations Investment Advisors LLC boosted its stake in shares of Hut 8 by 2.1% in the third quarter. Foundations Investment Advisors LLC now owns 49,755 shares of the company’s stock worth $610,000 after buying an additional 1,027 shares during the last quarter. AM Investment Strategies LLC boosted its position in Hut 8 by 3.6% during the third 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 in the last quarter. Amalgamated Bank purchased a new position in Hut 8 during the second quarter worth approximately $42,000. Capital Performance Advisors LLP purchased a new position in Hut 8 during the third quarter worth approximately $40,000. Finally, BNP Paribas Financial Markets boosted its position in Hut 8 by 24.6% during the third quarter. BNP Paribas Financial Markets now owns 18,520 shares of the company’s stock worth $227,000 after purchasing an additional 3,653 shares in the last quarter. 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.