Benchmark Boosts Hut 8 (NASDAQ:HUT) Price Target to $32.00

Hut 8 (NASDAQ:HUT) had its price objective hoisted by research analysts at Benchmark from $17.00 to $32.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Benchmark’s price objective would suggest a potential upside of 26.68% from the stock’s previous close.

A number of other research analysts have also commented on the company. Craig Hallum upped their price target on Hut 8 from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. Stifel Nicolaus lifted their price objective on Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a report on Wednesday, October 30th. HC Wainwright reaffirmed a “buy” rating and issued a $13.50 target price on shares of Hut 8 in a report on Friday, September 20th. Canaccord Genuity Group restated a “buy” rating and issued a $22.00 target price on shares of Hut 8 in a research note on Wednesday, August 21st. Finally, Needham & Company LLC boosted their price objective on shares of Hut 8 from $21.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $30.17.

Hut 8 Stock Performance

Shares of Hut 8 stock opened at $25.26 on Thursday. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 0.43. The stock has a 50 day moving average price of $14.15 and a two-hundred day moving average price of $12.82. Hut 8 has a 12-month low of $6.18 and a 12-month high of $28.47.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings data on Tuesday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.11. The firm had revenue of $35.22 million for the quarter, compared to the consensus estimate of $38.00 million. As a group, equities analysts predict that Hut 8 will post -0.55 EPS for the current year.

Hedge Funds Weigh In On Hut 8

Several institutional investors have recently modified their holdings of HUT. Vanguard Group Inc. boosted its holdings in shares of Hut 8 by 8,329.2% in the first quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock valued at $30,770,000 after buying an additional 2,754,037 shares during the period. JAT Capital Mgmt LP acquired a new stake in Hut 8 in the third quarter valued at $32,260,000. Tidal Investments LLC bought a new position in shares of Hut 8 in the 1st quarter valued at about $18,191,000. D1 Capital Partners L.P. bought a new stake in shares of Hut 8 in the 2nd quarter valued at about $17,388,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Hut 8 during the third quarter worth about $9,997,000. 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.