Hut 8 (NASDAQ:HUT) PT Raised to $9.00 at HC Wainwright

Hut 8 (NASDAQ:HUT) had its price target hoisted by analysts at HC Wainwright from $7.00 to $9.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a “sell” rating on the stock. HC Wainwright’s target price would suggest a potential downside of 20.07% from the stock’s current price.

HUT has been the subject of a number of other research reports. Stifel Nicolaus raised their price objective on Hut 8 from $3.25 to $15.00 and gave the stock a “speculative buy” rating in a research report on Monday, January 8th. Needham & Company LLC assumed coverage on Hut 8 in a research note on Monday, March 18th. They set a “buy” rating and a $12.00 price objective for the company.

Hut 8 Stock Performance

Shares of HUT traded up $1.40 during trading hours on Thursday, reaching $11.26. 12,610,621 shares of the company traded hands, compared to its average volume of 5,717,575. 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 stock’s fifty day moving average is $8.18 and its 200 day moving average is $6.43. Hut 8 has a 1-year low of $6.18 and a 1-year high of $22.75. The stock has a market cap of $499.38 million, a P/E ratio of -4.25 and a beta of 3.86.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. State Street Corp lifted its holdings in Hut 8 by 327.4% in the second quarter. State Street Corp now owns 6,856,582 shares of the company’s stock valued at $22,627,000 after buying an additional 5,252,265 shares during the period. Renaissance Technologies LLC acquired a new position in shares of Hut 8 in the 2nd quarter valued at $3,697,000. Van ECK Associates Corp lifted its stake in shares of Hut 8 by 15.7% in the 3rd quarter. Van ECK Associates Corp now owns 2,198,471 shares of the company’s stock valued at $4,287,000 after purchasing an additional 297,552 shares during the period. Qube Research & Technologies Ltd bought a new position in shares of Hut 8 in the 3rd quarter worth $3,429,000. Finally, Wellington Management Group LLP grew its stake 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 worth $2,224,000 after purchasing an additional 754,891 shares during the period. Institutional investors and hedge funds own 31.75% of the company’s stock.

About Hut 8

Hut 8 Corp. provides digital asset mining and high-performance computing infrastructure solutions in Canada. It operates computing infrastructure sites mines Bitcoin, as well as delivers cloud, colocation, and computing services to enterprise customers. The company was founded in 2017 and is based in Miami, Florida.