HC Wainwright Has Lowered Expectations for Hut 8 (NASDAQ:HUT) Stock Price

Hut 8 (NASDAQ:HUT) had its price objective trimmed by HC Wainwright from $35.00 to $30.00 in a research note released on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other equities research analysts have also recently issued research reports about the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $35.00 target price on shares of Hut 8 in a research note on Tuesday, January 7th. Piper Sandler assumed coverage on shares of Hut 8 in a report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price target for the company. Canaccord Genuity Group raised their price objective on shares of Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Craig Hallum lifted their price target 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. Finally, Keefe, Bruyette & Woods assumed coverage on shares of Hut 8 in a research report on Wednesday, January 8th. They set an “outperform” rating on the stock. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Hut 8 currently has an average rating of “Buy” and a consensus price target of $31.38.

Hut 8 Price Performance

Shares of NASDAQ:HUT opened at $14.02 on Tuesday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. Hut 8 has a 1 year low of $6.77 and a 1 year high of $31.95. The firm has a fifty day moving average price of $21.40 and a 200 day moving average price of $18.74.

Hedge Funds Weigh In On Hut 8

A number of institutional investors have recently added to or reduced their stakes in HUT. Capital Performance Advisors LLP acquired a new position in Hut 8 during the 3rd quarter worth approximately $40,000. Entropy Technologies LP acquired a new position in Hut 8 during the 3rd quarter worth approximately $170,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Hut 8 during the 3rd quarter worth approximately $9,997,000. Intech Investment Management LLC acquired a new position in Hut 8 in the 3rd quarter valued at approximately $133,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Hut 8 by 31.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 833,165 shares of the company’s stock valued at $10,215,000 after acquiring an additional 197,074 shares during the last quarter. 31.75% of the stock is currently owned by institutional investors and hedge funds.

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.