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

Benchmark began coverage on shares of Hut 8 (NASDAQ:HUT) in a research note released on Monday morning, Marketbeat.com reports. The brokerage issued a buy rating and a $12.00 target price on the stock.

A number of other equities analysts also recently weighed in on the company. Needham & Company LLC reissued a buy rating and set a $12.00 price target on shares of Hut 8 in a research report on Monday, April 1st. Canaccord Genuity Group cut their price target 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. HC Wainwright upped their target price on Hut 8 from $7.00 to $9.00 and gave the stock a sell rating in a research note on Thursday, March 28th. Craig Hallum upped their target price on Hut 8 from $10.00 to $12.00 and gave the stock a hold rating in a research note on Monday, April 1st. Finally, Stifel Nicolaus upped their target price on Hut 8 from $3.25 to $15.00 and gave the stock a speculative buy rating in a research note on Monday, January 8th. One investment 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. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $12.33.

Hut 8 Price Performance

Shares of NASDAQ HUT opened at $8.98 on Monday. The business’s 50 day moving average price is $8.70 and its two-hundred day moving average price is $7.40. The company has a market cap of $801.38 million, a PE ratio of -3.27 and a beta of 3.91. The company has a quick ratio of 4.61, a current ratio of 4.61 and a debt-to-equity ratio of 0.04. Hut 8 has a twelve month low of $6.18 and a twelve month high of $22.75.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Global Retirement Partners LLC lifted its stake in shares of Hut 8 by 280.1% in the 1st quarter. Global Retirement Partners LLC now owns 5,428 shares of the company’s stock valued at $60,000 after acquiring an additional 4,000 shares during the last quarter. TD Asset Management Inc lifted its stake in shares of Hut 8 by 2.7% in the 3rd quarter. TD Asset Management Inc now owns 203,130 shares of the company’s stock valued at $401,000 after acquiring an additional 5,373 shares during the last quarter. Mackenzie Financial Corp lifted its stake in shares of Hut 8 by 7.3% in the 3rd quarter. Mackenzie Financial Corp now owns 91,752 shares of the company’s stock valued at $168,000 after acquiring an additional 6,225 shares during the last quarter. Private Advisor Group LLC lifted its stake in shares of Hut 8 by 54.7% in the 3rd quarter. Private Advisor Group LLC now owns 18,095 shares of the company’s stock valued at $35,000 after acquiring an additional 6,400 shares during the last quarter. Finally, Golden Green Inc. acquired a new stake in Hut 8 in the third quarter valued at $29,000. 31.75% of the stock is currently 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.