Hut 8 (NASDAQ:HUT) Coverage Initiated by Analysts at Piper Sandler

Equities research analysts at Piper Sandler assumed coverage on shares of Hut 8 (NASDAQ:HUT) in a research report issued on Tuesday, MarketBeat Ratings reports. The brokerage set an “overweight” rating and a $33.00 price target on the stock. Piper Sandler’s target price would indicate a potential upside of 26.29% from the stock’s current price.

Several other brokerages have also recently commented on HUT. Cantor Fitzgerald initiated coverage on shares of Hut 8 in a research report on Monday, December 9th. They set an “overweight” rating and a $35.00 price target on the stock. Benchmark raised their price target on Hut 8 from $17.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Craig Hallum upped their price target on shares of Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Canaccord Genuity Group raised their price objective on shares of Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, Needham & Company LLC upped their target price on Hut 8 from $21.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $31.88.

Hut 8 Price Performance

Shares of Hut 8 stock opened at $26.13 on Tuesday. The stock’s 50-day moving average is $21.45 and its 200-day moving average is $15.85. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. Hut 8 has a one year low of $6.18 and a one year high of $31.95.

Institutional Trading of Hut 8

A number of institutional investors have recently modified their holdings of HUT. Barclays PLC raised its position in shares of Hut 8 by 29.7% in the 3rd quarter. Barclays PLC now owns 124,527 shares of the company’s stock valued at $1,526,000 after buying an additional 28,532 shares in the last quarter. Geode Capital Management LLC increased its stake in Hut 8 by 21.1% in the third quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock valued at $26,902,000 after acquiring an additional 381,720 shares during the last quarter. Y Intercept Hong Kong Ltd raised its position in Hut 8 by 25.6% during the third quarter. Y Intercept Hong Kong Ltd now owns 60,492 shares of the company’s stock valued at $742,000 after purchasing an additional 12,314 shares in the last quarter. XTX Topco Ltd bought a new stake in Hut 8 during the third quarter worth $162,000. Finally, State Street Corp boosted its holdings in shares of Hut 8 by 12.6% in the 3rd quarter. State Street Corp now owns 2,740,769 shares of the company’s stock valued at $33,602,000 after purchasing an additional 307,292 shares in 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.