Hut 8 (NASDAQ:HUT) Receives Overweight Rating from Cantor Fitzgerald

Hut 8 (NASDAQ:HUT)‘s stock had its “overweight” rating reiterated by research analysts at Cantor Fitzgerald in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $30.00 target price on the stock. Cantor Fitzgerald’s target price indicates a potential upside of 122.06% from the stock’s current price.

A number of other analysts have also commented on the stock. HC Wainwright decreased 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 note on Tuesday, March 4th. Needham & Company LLC restated a “buy” rating and set a $30.00 price target on shares of Hut 8 in a research note on Tuesday, March 4th. Canaccord Genuity Group restated a “buy” rating and set a $32.00 price target on shares of Hut 8 in a research note on Tuesday, March 4th. Piper Sandler began coverage on shares of Hut 8 in a research note on Tuesday, December 17th. They set an “overweight” rating and a $33.00 price target for the company. Finally, Benchmark restated a “buy” rating and set a $41.00 price target on shares of Hut 8 in a research note on Tuesday, January 7th. Ten equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $29.89.

Hut 8 Trading Up 0.7 %

NASDAQ:HUT opened at $13.51 on Friday. The company has a fifty day moving average of $20.82 and a 200-day moving average of $18.74. 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 twelve month low of $6.77 and a twelve month high of $31.95.

Institutional Trading of Hut 8

Several institutional investors have recently made changes to their positions in the company. Capital Performance Advisors LLP purchased a new position in shares of Hut 8 in the 3rd quarter worth about $40,000. Entropy Technologies LP purchased a new position in shares of Hut 8 in the 3rd quarter worth about $170,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Hut 8 in the 3rd quarter worth about $9,997,000. Intech Investment Management LLC purchased a new position in shares of Hut 8 in the 3rd quarter worth about $133,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Hut 8 by 31.0% in the 3rd 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 during 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.