Craig Hallum Issues Positive Forecast for Hut 8 (NASDAQ:HUT) Stock Price

Hut 8 (NASDAQ:HUT) had its price target increased by Craig Hallum from $15.00 to $32.00 in a research note issued to investors on Thursday,Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts have also recently weighed in on the stock. 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. Stifel Nicolaus boosted their price objective on shares of Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a research report on Wednesday, October 30th. Canaccord Genuity Group restated a “buy” rating and issued a $22.00 price objective on shares of Hut 8 in a research report on Wednesday, August 21st. Benchmark boosted their price objective on shares of Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, HC Wainwright boosted their price objective on shares of Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Hut 8 currently has a consensus rating of “Buy” and a consensus price target of $30.17.

Hut 8 Stock Up 6.3 %

HUT stock traded up $1.45 during trading on Thursday, hitting $24.59. 4,589,598 shares of the stock traded hands, compared to its average volume of 5,091,761. Hut 8 has a one year low of $6.18 and a one year high of $28.47. The company has a 50 day simple moving average of $13.87 and a 200 day simple moving average of $12.74. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 0.43.

Hut 8 (NASDAQ:HUT) last posted its earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.11. The firm had revenue of $35.22 million during the quarter, compared to the consensus estimate of $38.00 million. On average, equities research analysts expect that Hut 8 will post -0.55 EPS for the current year.

Institutional Investors Weigh In On Hut 8

Several institutional investors and hedge funds have recently added to or reduced their stakes in HUT. Vanguard Group Inc. raised its holdings in shares of Hut 8 by 8,329.2% in the 1st quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock valued at $30,770,000 after purchasing an additional 2,754,037 shares during the period. JAT Capital Mgmt LP bought a new stake in shares of Hut 8 in the 3rd quarter valued at about $32,260,000. Tidal Investments LLC bought a new stake 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 stake in shares of Hut 8 in the 3rd quarter valued at about $9,997,000. 31.75% of the stock is owned by 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.