Benchmark Cuts Hut 8 (NASDAQ:HUT) Price Target to $33.00

Hut 8 (NASDAQ:HUT) had its price objective lowered by Benchmark from $41.00 to $33.00 in a research report released on Wednesday morning,Benzinga reports. Benchmark currently has a buy rating on the stock.

Other equities research analysts have also issued reports about the company. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price target on shares of Hut 8 in a research report on Friday, March 7th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $32.00 target price on shares of Hut 8 in a research report on Tuesday, March 4th. HC Wainwright lowered their price target on shares of Hut 8 from $35.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. Piper Sandler started coverage on shares of Hut 8 in a report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price objective on the stock. Finally, Keefe, Bruyette & Woods began coverage on shares of Hut 8 in a report on Wednesday, January 8th. They set an “outperform” rating for the company. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Hut 8 presently has an average rating of “Buy” and a consensus target price of $29.00.

Hut 8 Trading Down 4.4 %

NASDAQ:HUT opened at $11.39 on Wednesday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. The firm’s fifty day simple moving average is $16.08 and its 200 day simple moving average is $18.95. Hut 8 has a twelve month low of $6.95 and a twelve month high of $31.95.

Hedge Funds Weigh In On Hut 8

A number of hedge funds have recently bought and sold shares of HUT. Nisa Investment Advisors LLC grew its stake in shares of Hut 8 by 77.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock worth $26,000 after acquiring an additional 545 shares during the period. R Squared Ltd bought a new stake in Hut 8 in the 4th quarter worth approximately $26,000. Optiver Holding B.V. purchased a new stake in Hut 8 during the 4th quarter valued at $35,000. Russell Investments Group Ltd. lifted its holdings in shares of Hut 8 by 832.4% during the 4th quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company’s stock valued at $42,000 after buying an additional 1,823 shares during the period. 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.

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.