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

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

HUT has been the subject of a number of other reports. Piper Sandler began coverage on Hut 8 in a research report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price objective for the company. Needham & Company LLC restated a “buy” rating and set a $30.00 price objective on shares of Hut 8 in a research report on Tuesday, March 4th. Keefe, Bruyette & Woods initiated coverage on shares of Hut 8 in a research report on Wednesday, January 8th. They issued an “outperform” rating on the stock. Rosenblatt Securities started coverage on shares of Hut 8 in a research report on Friday, March 7th. They set a “buy” rating and a $23.00 price target for the company. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 price target on shares of Hut 8 in a research note on Friday, March 7th. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Hut 8 has a consensus rating of “Buy” and an average target price of $29.00.

Hut 8 Stock Performance

Shares of Hut 8 stock opened at $13.39 on Wednesday. Hut 8 has a twelve month low of $6.95 and a twelve month high of $31.95. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. The business has a 50-day moving average price of $16.64 and a 200 day moving average price of $18.99.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Jericho Capital Asset Management L.P. acquired a new stake in shares of Hut 8 in the fourth quarter valued at approximately $37,400,000. D. E. Shaw & Co. Inc. purchased a new stake in Hut 8 in the 4th quarter valued at $27,115,000. Voloridge Investment Management LLC purchased a new stake in Hut 8 in the 4th quarter valued at $24,170,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Hut 8 in the 4th quarter worth $23,009,000. Finally, Invesco Ltd. raised its holdings in shares of Hut 8 by 1,408.8% during the 4th quarter. Invesco Ltd. now owns 936,650 shares of the company’s stock worth $19,192,000 after acquiring an additional 874,572 shares during the period. 31.75% of the stock is owned by hedge funds and other 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.