Hut 8 (NASDAQ:HUT) Now Covered by BTIG Research

BTIG Research assumed coverage on shares of Hut 8 (NASDAQ:HUT) in a report issued on Monday morning, Marketbeat Ratings reports. The firm issued a buy rating and a $18.00 target price on the stock.

Several other analysts have also issued reports on the stock. Keefe, Bruyette & Woods started coverage on shares of Hut 8 in a research report on Wednesday, January 8th. They set an “outperform” rating for the company. UBS Group set a $33.00 price objective on Hut 8 in a research note on Wednesday, April 2nd. Piper Sandler started coverage on Hut 8 in a research report on Tuesday, December 17th. They set an “overweight” rating and a $33.00 target price on the stock. Benchmark cut their price target on Hut 8 from $41.00 to $33.00 and set a “buy” rating for the company in a report on Wednesday, April 2nd. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $32.00 price objective on shares of Hut 8 in a research note on Tuesday, March 4th. Eleven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $28.36.

Hut 8 Stock Performance

HUT stock opened at $12.10 on Monday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. The business’s 50-day moving average is $14.64 and its two-hundred day moving average is $18.99. Hut 8 has a fifty-two week low of $6.95 and a fifty-two week high of $31.95.

Hedge Funds Weigh In On Hut 8

Several hedge funds have recently modified their holdings of HUT. Nisa Investment Advisors LLC raised its holdings in shares of Hut 8 by 77.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock worth $26,000 after acquiring an additional 545 shares in the last quarter. R Squared Ltd bought a new stake in Hut 8 in the fourth quarter worth $26,000. Optiver Holding B.V. purchased a new stake in Hut 8 during the fourth quarter valued at $35,000. Russell Investments Group Ltd. lifted its position in Hut 8 by 832.4% during the fourth quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company’s stock valued at $42,000 after purchasing an additional 1,823 shares during the last quarter. Finally, Principal Securities Inc. purchased a new position in shares of Hut 8 in the 4th quarter worth $45,000. Hedge funds and other institutional investors 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.