Hut 8 (NASDAQ:HUT) Price Target Raised to $32.00

Hut 8 (NASDAQ:HUT) had its target price upped by Benchmark from $17.00 to $32.00 in a research report report published on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other analysts have also recently weighed in on HUT. Needham & Company LLC lifted their price objective on Hut 8 from $21.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday. Canaccord Genuity Group restated a “buy” rating and set a $22.00 price target on shares of Hut 8 in a research report on Wednesday, August 21st. Stifel Nicolaus increased their price objective on Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a report on Wednesday, October 30th. Craig Hallum boosted their target price on shares of Hut 8 from $14.00 to $15.00 and gave the company a “buy” rating in a report on Wednesday, October 2nd. Finally, HC Wainwright reiterated a “buy” rating and issued a $13.50 price target on shares of Hut 8 in a research note on Friday, September 20th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Hut 8 currently has an average rating of “Buy” and an average target price of $30.17.

Hut 8 Stock Up 9.2 %

NASDAQ:HUT opened at $25.26 on Thursday. Hut 8 has a 12 month low of $6.18 and a 12 month high of $28.47. The company has a quick ratio of 1.68, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. The company has a 50-day moving average price of $14.47 and a 200-day moving average price of $12.93.

Institutional Trading of Hut 8

A number of institutional investors and hedge funds have recently modified their holdings of the business. D1 Capital Partners L.P. purchased a new stake in shares of Hut 8 during the second quarter valued at $17,388,000. Vanguard Group Inc. lifted its stake in Hut 8 by 8,329.2% during the 1st quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock valued at $30,770,000 after acquiring an additional 2,754,037 shares during the period. Millennium Management LLC lifted its stake in Hut 8 by 46.4% during the 2nd quarter. Millennium Management LLC now owns 649,518 shares of the company’s stock valued at $9,733,000 after acquiring an additional 205,836 shares during the period. Swiss National Bank grew its stake in shares of Hut 8 by 61.6% in the first quarter. Swiss National Bank now owns 141,940 shares of the company’s stock worth $1,567,000 after acquiring an additional 54,100 shares during the period. Finally, Ninepoint Partners LP purchased a new position in shares of Hut 8 during the second quarter valued at approximately $720,000. Institutional investors own 31.75% of the company’s stock.

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.