Rosenblatt Securities Initiates Coverage on Hut 8 (NASDAQ:HUT)

Rosenblatt Securities started coverage on shares of Hut 8 (NASDAQ:HUT) in a report issued on Friday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $23.00 price target on the stock. Rosenblatt Securities’ target price indicates a potential upside of 70.24% from the stock’s previous close.

Several other research firms have also issued reports on HUT. Canaccord Genuity Group reissued a “buy” rating and issued a $32.00 price target on shares of Hut 8 in a research report on Tuesday, March 4th. Keefe, Bruyette & Woods started coverage on shares of Hut 8 in a research report on Wednesday, January 8th. They issued an “outperform” rating for the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $35.00 price target on shares of Hut 8 in a research report on Tuesday, January 7th. Piper Sandler initiated coverage on shares of Hut 8 in a research report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price target for the company. Finally, HC Wainwright dropped their price objective on shares of Hut 8 from $35.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. Ten analysts have rated the stock with a buy rating, According to MarketBeat, Hut 8 currently has an average rating of “Buy” and an average price target of $29.89.

Hut 8 Trading Up 0.7 %

NASDAQ:HUT opened at $13.51 on Friday. Hut 8 has a 12-month low of $6.77 and a 12-month high of $31.95. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a 50-day moving average price of $20.82 and a 200 day moving average price of $18.74.

Institutional Trading of Hut 8

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

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.