Cantor Fitzgerald Reiterates “Overweight” Rating for Hut 8 (NASDAQ:HUT)

Hut 8 (NASDAQ:HUT)‘s stock had its “overweight” rating restated by equities research analysts at Cantor Fitzgerald in a research note issued on Tuesday,Benzinga reports. They currently have a $35.00 price objective on the stock. Cantor Fitzgerald’s target price would suggest a potential upside of 48.94% from the stock’s current price.

A number of other research firms have also recently weighed in on HUT. Stifel Nicolaus boosted their target price on shares of Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a research note on Wednesday, October 30th. HC Wainwright upped their target price on Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Needham & Company LLC increased their target price on Hut 8 from $32.00 to $38.00 and gave the company a “buy” rating in a research report on Tuesday, December 17th. Canaccord Genuity Group boosted their price target on Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Finally, Craig Hallum lifted their target price on shares of Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat, Hut 8 has an average rating of “Buy” and a consensus target price of $33.00.

Hut 8 Price Performance

HUT opened at $23.50 on Tuesday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. The company’s 50 day moving average is $23.97 and its 200-day moving average is $17.09. Hut 8 has a 1-year low of $6.18 and a 1-year high of $31.95.

Institutional Investors Weigh In On Hut 8

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

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.