Hut 8 (NASDAQ:HUT) Stock Rating Reaffirmed by Benchmark

Hut 8 (NASDAQ:HUT)‘s stock had its “buy” rating reiterated by analysts at Benchmark in a report issued on Tuesday, Benzinga reports. They currently have a $12.00 price target on the stock. Benchmark’s price objective suggests a potential upside of 46.52% from the company’s current price.

Several other brokerages also recently commented on HUT. Canaccord Genuity Group cut their target price on Hut 8 from $17.50 to $14.00 and set a “buy” rating for the company in a research note on Friday, April 5th. Needham & Company LLC restated a “buy” rating and issued a $12.00 target price on shares of Hut 8 in a research note on Monday, April 1st. Craig Hallum lifted their price target on Hut 8 from $10.00 to $12.00 and gave the company a “hold” rating in a research report on Monday, April 1st. Stifel Nicolaus lifted their price target on Hut 8 from $3.25 to $15.00 and gave the company a “speculative buy” rating in a research report on Monday, January 8th. Finally, HC Wainwright lifted their price target on Hut 8 from $7.00 to $9.00 and gave the company a “sell” rating in a research report on Thursday, March 28th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $12.33.

Hut 8 Price Performance

HUT stock opened at $8.19 on Tuesday. Hut 8 has a fifty-two week low of $6.18 and a fifty-two week high of $22.75. The stock has a fifty day moving average of $8.54 and a 200-day moving average of $7.85. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.61 and a current ratio of 4.61. The company has a market capitalization of $732.87 million, a price-to-earnings ratio of -2.98 and a beta of 3.98.

Hedge Funds Weigh In On Hut 8

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Van ECK Associates Corp grew its stake in Hut 8 by 15.7% in the third quarter. Van ECK Associates Corp now owns 2,198,471 shares of the company’s stock worth $4,287,000 after purchasing an additional 297,552 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Hut 8 by 203.4% during the third quarter. Wellington Management Group LLP now owns 1,125,958 shares of the company’s stock valued at $2,224,000 after purchasing an additional 754,891 shares in the last quarter. GSG Advisors LLC bought a new position in shares of Hut 8 during the third quarter valued at $273,000. SteelPeak Wealth LLC bought a new position in Hut 8 in the third quarter valued at about $393,000. Finally, Savior LLC bought a new position in Hut 8 in the fourth quarter valued at about $1,543,000. 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.