Piper Sandler Begins Coverage on Hut 8 (NASDAQ:HUT)

Analysts at Piper Sandler began coverage on shares of Hut 8 (NASDAQ:HUT) in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage set an “overweight” rating and a $33.00 price target on the stock. Piper Sandler’s price target suggests a potential upside of 13.56% from the company’s previous close.

A number of other research analysts also recently weighed in on HUT. Stifel Nicolaus increased their target price on Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a report on Wednesday, October 30th. Canaccord Genuity Group raised 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. Craig Hallum lifted their target price on Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Cantor Fitzgerald started coverage on Hut 8 in a research report on Monday, December 9th. They issued an “overweight” rating and a $35.00 price target for the company. Finally, Needham & Company LLC lifted their price objective on Hut 8 from $21.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $31.88.

Hut 8 Trading Up 6.3 %

Shares of HUT stock opened at $29.06 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 firm’s 50 day moving average is $20.43 and its 200 day moving average is $15.49. Hut 8 has a 12-month low of $6.18 and a 12-month high of $31.95.

Hedge Funds Weigh In On Hut 8

Several institutional investors have recently bought and sold shares of HUT. Barclays PLC raised its position in Hut 8 by 29.7% during the third quarter. Barclays PLC now owns 124,527 shares of the company’s stock valued at $1,526,000 after purchasing an additional 28,532 shares during the period. Geode Capital Management LLC increased 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 valued at $26,902,000 after purchasing an additional 381,720 shares during the last quarter. Y Intercept Hong Kong Ltd raised its holdings in Hut 8 by 25.6% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 60,492 shares of the company’s stock valued at $742,000 after buying an additional 12,314 shares during the period. XTX Topco Ltd bought a new stake in Hut 8 in the third quarter worth $162,000. Finally, State Street Corp boosted its stake in Hut 8 by 12.6% during the third quarter. State Street Corp now owns 2,740,769 shares of the company’s stock worth $33,602,000 after buying an additional 307,292 shares during the period. Institutional investors own 31.75% of the company’s stock.

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.