Hut 8 (NASDAQ:HUT) Rating Reiterated by Benchmark

Hut 8 (NASDAQ:HUT)‘s stock had its “buy” rating reiterated by stock analysts at Benchmark in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $12.00 price target on the stock. Benchmark’s price objective would suggest a potential upside of 35.59% from the stock’s current price.

Several other equities analysts also recently issued reports on HUT. Canaccord Genuity Group reduced their price objective on Hut 8 from $17.50 to $14.00 and set a “buy” rating for the company in a research report on Friday, April 5th. 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 upped their price objective on Hut 8 from $3.25 to $15.00 and gave the company a “speculative buy” rating in a report on Monday, January 8th. Needham & Company LLC restated a “buy” rating and set a $12.00 price objective on shares of Hut 8 in a research report on Monday, April 1st. Finally, HC Wainwright boosted their target price on shares of Hut 8 from $7.00 to $9.00 and gave the stock a “sell” rating in a report on Thursday, March 28th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Hut 8 has a consensus rating of “Moderate Buy” and a consensus target price of $12.33.

Hut 8 Stock Performance

Shares of NASDAQ HUT opened at $8.85 on Tuesday. The stock has a market capitalization of $791.90 million, a P/E ratio of -3.22 and a beta of 3.98. Hut 8 has a 52-week low of $6.18 and a 52-week high of $22.75. The company has a quick ratio of 4.61, a current ratio of 4.61 and a debt-to-equity ratio of 0.04. The firm’s 50-day moving average price is $8.57 and its two-hundred day moving average price is $7.80.

Hedge Funds Weigh In On Hut 8

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HUT. Golden Green Inc. acquired a new stake in shares of Hut 8 in the third quarter worth $29,000. Private Advisor Group LLC grew its stake in Hut 8 by 54.7% during 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 in the last quarter. QCM Cayman Ltd. acquired a new position in shares of Hut 8 in the 3rd quarter valued at about $60,000. Global Retirement Partners LLC boosted its holdings in shares of Hut 8 by 280.1% during the first quarter. Global Retirement Partners LLC now owns 5,428 shares of the company’s stock worth $60,000 after purchasing an additional 4,000 shares during the period. Finally, Headlands Technologies LLC purchased a new position in Hut 8 during the third quarter valued at approximately $73,000. Institutional investors and hedge funds 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.