HC Wainwright Issues Pessimistic Forecast for Hut 8 (NASDAQ:HUT) Stock Price

Hut 8 (NASDAQ:HUT) had its price objective dropped by HC Wainwright from $35.00 to $30.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. HC Wainwright’s target price points to a potential upside of 101.07% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Craig Hallum increased their price target on shares of Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Needham & Company LLC reiterated a “buy” rating and set a $30.00 target price on shares of Hut 8 in a research note on Tuesday. Piper Sandler began coverage on Hut 8 in a report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price objective on the stock. Canaccord Genuity Group lifted their target price on Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Finally, Keefe, Bruyette & Woods assumed coverage on shares of Hut 8 in a research note on Wednesday, January 8th. They issued an “outperform” rating on the stock. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $31.38.

Hut 8 Stock Up 6.4 %

Hut 8 stock opened at $14.92 on Tuesday. 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 company’s 50-day moving average is $21.21 and its 200-day moving average is $18.72. Hut 8 has a fifty-two week low of $6.77 and a fifty-two week high of $31.95.

Hedge Funds Weigh In On Hut 8

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Hut 8 by 3.9% in the fourth quarter. Vanguard Group Inc. now owns 6,459,385 shares of the company’s stock valued at $132,352,000 after acquiring an additional 245,113 shares during the last quarter. State Street Corp increased its stake 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 during the last quarter. JAT Capital Mgmt LP acquired a new position in shares of Hut 8 during the 3rd quarter worth $32,260,000. Geode Capital Management LLC lifted its position in shares of Hut 8 by 21.1% during the 3rd quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock worth $26,902,000 after buying an additional 381,720 shares during the last quarter. Finally, Jericho Capital Asset Management L.P. acquired a new stake in Hut 8 in the fourth quarter valued at about $37,400,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

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.