Benchmark Reiterates “Buy” Rating for Hut 8 (NASDAQ:HUT)

Benchmark restated their buy rating on shares of Hut 8 (NASDAQ:HUT) in a report published on Tuesday, Benzinga reports. The firm currently has a $12.00 price objective on the stock.

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

Hut 8 Trading Down 7.5 %

Shares of HUT stock opened at $8.19 on Tuesday. Hut 8 has a 52-week low of $6.18 and a 52-week high of $22.75. 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 firm has a market capitalization of $732.87 million, a PE ratio of -2.98 and a beta of 3.98. The stock has a fifty day simple moving average of $8.55 and a two-hundred day simple moving average of $7.85.

Hedge Funds Weigh In On Hut 8

Several institutional investors have recently bought and sold shares of HUT. Headlands Technologies LLC acquired a new stake in Hut 8 in the first quarter valued at approximately $255,000. Swiss National Bank increased its position in shares of Hut 8 by 61.6% in the 1st quarter. Swiss National Bank now owns 141,940 shares of the company’s stock valued at $1,567,000 after acquiring an additional 54,100 shares during the period. Van ECK Associates Corp lifted its position in Hut 8 by 79.6% during the 1st quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company’s stock worth $13,920,000 after acquiring an additional 558,824 shares during the period. Triton Wealth Management PLLC increased its holdings in shares of Hut 8 by 24.9% in the first quarter. Triton Wealth Management PLLC now owns 12,490 shares of the company’s stock valued at $138,000 after purchasing an additional 2,490 shares during the period. Finally, Global Retirement Partners LLC lifted 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. 31.75% of the stock is owned by hedge funds and other institutional investors.

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.