Hut 8 (NASDAQ:HUT) Given “Buy” Rating at Needham & Company LLC

Hut 8 (NASDAQ:HUT)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a research report issued on Tuesday,Benzinga reports. They presently have a $30.00 price objective on the stock. Needham & Company LLC’s target price would indicate a potential upside of 113.07% from the stock’s previous close.

Several other analysts have also recently issued reports on HUT. Canaccord Genuity Group upped their target price on shares of Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. HC Wainwright upped their price objective on Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Piper Sandler began coverage on Hut 8 in a report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 target price for the company. Benchmark reissued a “buy” rating and issued a $41.00 target price on shares of Hut 8 in a research note on Tuesday, January 7th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $35.00 price target on shares of Hut 8 in a report on Tuesday, January 7th. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat, Hut 8 currently has an average rating of “Buy” and an average target price of $31.38.

Hut 8 Stock Performance

Hut 8 stock opened at $14.08 on Tuesday. Hut 8 has a 52-week low of $6.77 and a 52-week high of $31.95. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. The firm’s fifty day moving average is $21.60 and its 200 day moving average is $18.73.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Nisa Investment Advisors LLC grew its stake in Hut 8 by 77.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock valued at $26,000 after purchasing an additional 545 shares during the last quarter. R Squared Ltd bought a new stake in shares of Hut 8 in the 4th quarter valued at about $26,000. Optiver Holding B.V. purchased a new position in shares of Hut 8 in the 4th quarter worth approximately $35,000. Russell Investments Group Ltd. raised its stake in shares of Hut 8 by 832.4% during the 4th quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company’s stock worth $42,000 after acquiring an additional 1,823 shares in the last quarter. Finally, Principal Securities Inc. purchased a new stake in Hut 8 during the fourth quarter valued at approximately $45,000. 31.75% of the stock is owned by institutional investors.

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.