Hut 8 (NASDAQ:HUT) Coverage Initiated by Analysts at Benchmark

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

Several other equities analysts have also recently commented on HUT. Stifel Nicolaus increased their price target on shares of Hut 8 from $3.25 to $15.00 and gave the stock a speculative buy rating in a research report on Monday, January 8th. Canaccord Genuity Group reduced their price target on shares of Hut 8 from $17.50 to $14.00 and set a buy rating on the stock in a research report on Friday, April 5th. Craig Hallum increased their price target on shares of Hut 8 from $10.00 to $12.00 and gave the stock a hold rating in a research report on Monday, April 1st. HC Wainwright increased their price target on shares of Hut 8 from $7.00 to $9.00 and gave the stock a sell rating in a research report on Thursday, March 28th. Finally, Needham & Company LLC reissued a buy rating and issued a $12.00 target price on shares of Hut 8 in a report on Monday, April 1st. One equities 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 company. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $12.33.

Hut 8 Stock Performance

Shares of HUT stock opened at $9.22 on Monday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.61 and a current ratio of 4.61. Hut 8 has a one year low of $6.18 and a one year high of $22.75. The company’s 50-day simple moving average is $8.71 and its 200-day simple moving average is $7.33. The stock has a market capitalization of $822.79 million, a price-to-earnings ratio of -3.35 and a beta of 3.91.

Institutional Investors Weigh In On Hut 8

A number of hedge funds have recently made changes to their positions in HUT. Qube Research & Technologies Ltd acquired a new position in shares of Hut 8 during the third quarter valued at approximately $3,429,000. Wellington Management Group LLP increased 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 valued at $2,224,000 after acquiring an additional 754,891 shares during the period. Westend Capital Management LLC acquired a new position in shares of Hut 8 during the first quarter valued at approximately $5,190,000. Van ECK Associates Corp increased its stake in shares of Hut 8 by 15.7% during the third quarter. Van ECK Associates Corp now owns 2,198,471 shares of the company’s stock valued at $4,287,000 after acquiring an additional 297,552 shares during the period. Finally, SteelPeak Wealth LLC acquired a new position in shares of Hut 8 during the third quarter valued at approximately $393,000. 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.