Hut 8 (NASDAQ:HUT) Now Covered by Keefe, Bruyette & Woods

Keefe, Bruyette & Woods assumed coverage on shares of Hut 8 (NASDAQ:HUT) in a research note issued on Wednesday, Marketbeat.com reports. The brokerage set an “outperform” rating on the stock.

Several other analysts have also issued reports on HUT. Needham & Company LLC upped their price target on shares of Hut 8 from $32.00 to $38.00 and gave the company a “buy” rating in a research report on Tuesday, December 17th. HC Wainwright raised their price target on Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Benchmark reaffirmed a “buy” rating and issued a $41.00 price target on shares of Hut 8 in a research note on Tuesday. Piper Sandler assumed coverage on Hut 8 in a research note on Tuesday, December 17th. They set an “overweight” rating and a $33.00 price objective for the company. 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 note on Thursday, November 14th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Hut 8 currently has an average rating of “Buy” and an average price target of $33.00.

Hut 8 Stock Performance

Shares of Hut 8 stock 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. Hut 8 has a 52-week low of $6.18 and a 52-week high of $31.95. The company has a fifty day moving average of $24.08 and a 200-day moving average of $17.14.

Hedge Funds Weigh In On Hut 8

Hedge funds and other institutional investors have recently made changes to their positions in the business. State Street Corp boosted its holdings in Hut 8 by 12.6% in the third quarter. State Street Corp now owns 2,740,769 shares of the company’s stock valued at $33,602,000 after acquiring an additional 307,292 shares in the last quarter. JAT Capital Mgmt LP purchased a new stake in shares of Hut 8 in the 3rd quarter worth about $32,260,000. Geode Capital Management LLC boosted its stake in shares of Hut 8 by 21.1% during the 3rd quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock valued at $26,902,000 after purchasing an additional 381,720 shares in the last quarter. D1 Capital Partners L.P. purchased a new position in shares of Hut 8 during the second quarter valued at about $17,388,000. Finally, Charles Schwab Investment Management Inc. raised its stake in Hut 8 by 31.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 833,165 shares of the company’s stock worth $10,215,000 after buying an additional 197,074 shares in the last quarter. 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.