Hut 8 (NASDAQ:HUT) Coverage Initiated at Keefe, Bruyette & Woods

Equities researchers at Keefe, Bruyette & Woods initiated coverage on shares of Hut 8 (NASDAQ:HUT) in a report released on Wednesday, Marketbeat reports. The brokerage set an “outperform” rating on the stock.

Other research analysts also recently issued reports about the stock. Benchmark reaffirmed a “buy” rating and issued a $41.00 price objective on shares of Hut 8 in a report on Tuesday. Craig Hallum raised their price target on Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Stifel Nicolaus boosted their price objective on Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research note on Wednesday, October 30th. Needham & Company LLC raised their target price on Hut 8 from $32.00 to $38.00 and gave the stock a “buy” rating in a research note on Tuesday, December 17th. Finally, Canaccord Genuity Group lifted their target price on Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Nine analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $33.00.

Hut 8 Price Performance

NASDAQ HUT opened at $23.50 on Wednesday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. The firm’s 50-day simple moving average is $24.08 and its two-hundred day simple moving average is $17.14. Hut 8 has a 52 week low of $6.18 and a 52 week high of $31.95.

Institutional Investors Weigh In On Hut 8

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