Hut 8 (NASDAQ:HUT) Given New $32.00 Price Target at Benchmark

Hut 8 (NASDAQ:HUT) had its price objective hoisted by Benchmark from $17.00 to $32.00 in a report released on Thursday,Benzinga reports. The firm currently has a buy rating on the stock.

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

Hut 8 Trading Up 9.2 %

NASDAQ HUT opened at $25.26 on Thursday. The business’s 50-day moving average price is $14.47 and its two-hundred day moving average price is $12.97. The company has a current ratio of 1.00, a quick ratio of 1.68 and a debt-to-equity ratio of 0.35. Hut 8 has a 12 month low of $6.18 and a 12 month high of $28.47.

Institutional Trading of Hut 8

Several large investors have recently made changes to their positions in HUT. Vanguard Group Inc. raised its stake in Hut 8 by 8,329.2% during the 1st quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock worth $30,770,000 after buying an additional 2,754,037 shares during the period. State Street Corp increased its holdings in shares of Hut 8 by 12.6% during the third quarter. State Street Corp now owns 2,740,769 shares of the company’s stock valued at $33,602,000 after acquiring an additional 307,292 shares in the last quarter. JAT Capital Mgmt LP acquired a new position in shares of Hut 8 during the third quarter worth approximately $32,260,000. Geode Capital Management LLC lifted its holdings in shares of Hut 8 by 21.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock worth $26,902,000 after purchasing an additional 381,720 shares in the last quarter. Finally, Tidal Investments LLC acquired a new stake in Hut 8 in the 1st quarter valued at $18,191,000. 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.