Hut 8 (NASDAQ:HUT) Price Target Raised to $38.00 at Needham & Company LLC

Hut 8 (NASDAQ:HUT) had its target price raised by investment analysts at Needham & Company LLC from $32.00 to $38.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price target would suggest a potential upside of 30.76% from the stock’s previous close.

Other equities research analysts have also issued research reports about the stock. Canaccord Genuity Group increased their price objective on shares of Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Craig Hallum boosted their price objective on Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. HC Wainwright raised their target price on Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Piper Sandler initiated coverage on shares of Hut 8 in a report on Tuesday. They issued an “overweight” rating and a $33.00 price objective on the stock. Finally, Cantor Fitzgerald began coverage on shares of Hut 8 in a research note on Monday, December 9th. They set an “overweight” rating and a $35.00 target price for the company. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $31.88.

Hut 8 Price Performance

Shares of NASDAQ:HUT opened at $29.06 on Tuesday. The company’s fifty day moving average is $20.43 and its two-hundred day moving average is $15.49. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. Hut 8 has a 1-year low of $6.18 and a 1-year high of $31.95.

Hedge Funds Weigh In On Hut 8

Several hedge funds have recently modified their holdings of HUT. Capital Performance Advisors LLP acquired a new stake in shares of Hut 8 in the third quarter valued at $40,000. Amalgamated Bank bought a new stake in Hut 8 in the second quarter worth about $42,000. Intech Investment Management LLC acquired a new stake in Hut 8 in the 3rd quarter valued at about $133,000. Victory Capital Management Inc. acquired a new stake in Hut 8 in the 2nd quarter valued at about $154,000. Finally, XTX Topco Ltd acquired a new position in shares of Hut 8 in the 3rd quarter worth approximately $162,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

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.