Hut 8 (NASDAQ:HUT) Given Buy Rating at Needham & Company LLC

Hut 8 (NASDAQ:HUT)‘s stock had its “buy” rating restated by analysts at Needham & Company LLC in a research note issued to investors on Tuesday,Benzinga reports. They presently have a $30.00 price target on the stock. Needham & Company LLC’s price target would indicate a potential upside of 101.07% from the company’s previous close.

A number of other equities analysts also recently weighed in on HUT. Keefe, Bruyette & Woods started coverage on shares of Hut 8 in a report on Wednesday, January 8th. They issued an “outperform” rating on the stock. Benchmark restated a “buy” rating and issued a $41.00 price objective on shares of Hut 8 in a research note on Tuesday, January 7th. Cantor Fitzgerald restated an “overweight” rating and issued a $35.00 price objective on shares of Hut 8 in a research note on Tuesday, January 7th. Craig Hallum boosted their price objective on Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Finally, HC Wainwright boosted their price objective on Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $31.38.

Hut 8 Stock Up 6.4 %

Shares of NASDAQ:HUT opened at $14.92 on Tuesday. The company’s 50-day moving average is $21.21 and its 200 day moving average is $18.72. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. Hut 8 has a fifty-two week low of $6.77 and a fifty-two week high of $31.95.

Institutional Investors Weigh In On Hut 8

Several hedge funds and other institutional investors have recently modified their holdings of HUT. Nisa Investment Advisors LLC increased its position in shares of Hut 8 by 77.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock valued at $26,000 after buying an additional 545 shares during the period. R Squared Ltd bought a new position in shares of Hut 8 in the fourth quarter worth approximately $26,000. Optiver Holding B.V. bought a new position in shares of Hut 8 in the fourth quarter worth approximately $35,000. Capital Performance Advisors LLP bought a new position in shares of Hut 8 in the third quarter worth approximately $40,000. Finally, Russell Investments Group Ltd. increased its position in shares of Hut 8 by 832.4% in the fourth quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company’s stock worth $42,000 after purchasing an additional 1,823 shares during the last quarter. 31.75% of the stock is currently owned by 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.