Cantor Fitzgerald Reaffirms Overweight Rating for Hut 8 (NASDAQ:HUT)

Cantor Fitzgerald restated their overweight rating on shares of Hut 8 (NASDAQ:HUT) in a report released on Friday,Benzinga reports. The firm currently has a $30.00 price objective on the stock.

A number of other research firms have also recently commented on HUT. Benchmark reissued a “buy” rating and issued a $41.00 target price on shares of Hut 8 in a research note on Tuesday, January 7th. Rosenblatt Securities began coverage on Hut 8 in a research note on Friday. They issued a “buy” rating and a $23.00 target price on the stock. HC Wainwright cut their target price on Hut 8 from $35.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. Canaccord Genuity Group reissued a “buy” rating and issued a $32.00 target price on shares of Hut 8 in a research note on Tuesday, March 4th. Finally, Piper Sandler started coverage on Hut 8 in a research note on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 target price on the stock. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Hut 8 currently has an average rating of “Buy” and a consensus target price of $29.89.

Hut 8 Price Performance

NASDAQ HUT opened at $13.51 on Friday. Hut 8 has a 12 month low of $6.77 and a 12 month high of $31.95. The stock’s fifty day moving average price is $20.82 and its 200-day moving average price is $18.79. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00.

Institutional Investors Weigh In On Hut 8

Several institutional investors have recently modified their holdings of HUT. Neo Ivy Capital Management bought a new position in Hut 8 in the fourth quarter valued at about $252,000. Two Seas Capital LP lifted its holdings in Hut 8 by 132.7% in the fourth quarter. Two Seas Capital LP now owns 476,808 shares of the company’s stock valued at $9,770,000 after acquiring an additional 271,892 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Hut 8 by 25.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 167,469 shares of the company’s stock valued at $3,431,000 after acquiring an additional 33,713 shares during the period. Voloridge Investment Management LLC bought a new position in Hut 8 in the fourth quarter valued at about $24,170,000. Finally, Vennlight Capital Management LP bought a new position in Hut 8 in the fourth quarter valued at about $2,414,000. 31.75% of the stock is owned by hedge funds and other institutional investors.

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.