Hut 8 (NASDAQ:HUT) Earns Buy Rating from Analysts at Rosenblatt Securities

Rosenblatt Securities started coverage on shares of Hut 8 (NASDAQ:HUT) in a research note released on Friday morning, MarketBeat.com reports. The brokerage issued a buy rating and a $23.00 price objective on the stock.

Other research analysts have also recently issued reports about the stock. HC Wainwright decreased their target price on shares of Hut 8 from $35.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday. Needham & Company LLC restated a “buy” rating and set a $30.00 target price on shares of Hut 8 in a research report on Tuesday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $35.00 price target on shares of Hut 8 in a research report on Tuesday, January 7th. Keefe, Bruyette & Woods began coverage on shares of Hut 8 in a report on Wednesday, January 8th. They issued an “outperform” rating on the stock. Finally, Craig Hallum upped their price target on shares of Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Ten equities research 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 $29.89.

Hut 8 Stock Up 0.7 %

NASDAQ:HUT opened at $13.51 on Friday. The company has a 50-day moving average price of $20.82 and a 200-day moving average price of $18.69. Hut 8 has a 12 month low of $6.77 and a 12 month 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.

Institutional Trading of Hut 8

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Nisa Investment Advisors LLC grew its position in Hut 8 by 77.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock valued at $26,000 after acquiring an additional 545 shares in the last quarter. R Squared Ltd acquired a new position in Hut 8 in the fourth quarter valued at approximately $26,000. Optiver Holding B.V. purchased a new stake in Hut 8 in the 4th quarter valued at $35,000. Capital Performance Advisors LLP purchased a new stake in Hut 8 during the 3rd quarter valued at approximately $40,000. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Hut 8 by 832.4% during the fourth quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company’s stock worth $42,000 after purchasing an additional 1,823 shares during the period. 31.75% of the stock is currently owned by hedge funds and other 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.