Hut 8 (NASDAQ:HUT) Price Target Lowered to $33.00 at Benchmark

Hut 8 (NASDAQ:HUT) had its price objective reduced by investment analysts at Benchmark from $41.00 to $33.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Benchmark’s price target would suggest a potential upside of 147.12% from the stock’s current price.

Other analysts have also issued research reports about the company. Keefe, Bruyette & Woods started coverage on Hut 8 in a report on Wednesday, January 8th. They set an “outperform” rating on the stock. Piper Sandler started coverage on shares of Hut 8 in a research note on Tuesday, December 17th. They set an “overweight” rating and a $33.00 price target on the stock. Rosenblatt Securities started coverage on shares of Hut 8 in a research note on Friday, March 7th. They issued a “buy” rating and a $23.00 price objective for the company. Canaccord Genuity Group reiterated a “buy” rating and set a $32.00 target price on shares of Hut 8 in a research report on Tuesday, March 4th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 price target on shares of Hut 8 in a research report on Friday, March 7th. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Hut 8 has a consensus rating of “Buy” and a consensus price target of $29.00.

Hut 8 Stock Performance

Shares of NASDAQ:HUT traded up $0.03 on Wednesday, hitting $13.35. 3,680,963 shares of the company were exchanged, compared to its average volume of 5,175,321. 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 price is $16.89 and its two-hundred day moving average price is $19.03. Hut 8 has a one year low of $6.95 and a one year high of $31.95.

Institutional Trading of Hut 8

Hedge funds have recently modified their holdings of the company. Jericho Capital Asset Management L.P. bought a new stake in Hut 8 during the 4th quarter worth approximately $37,400,000. D. E. Shaw & Co. Inc. acquired a new position in Hut 8 in the fourth quarter worth $27,115,000. Voloridge Investment Management LLC bought a new stake in shares of Hut 8 during the fourth quarter worth $24,170,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Hut 8 in the fourth quarter valued at $23,009,000. Finally, Invesco Ltd. raised its holdings in shares of Hut 8 by 1,408.8% in the fourth quarter. Invesco Ltd. now owns 936,650 shares of the company’s stock valued at $19,192,000 after buying an additional 874,572 shares during the last quarter. Institutional investors and hedge funds 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.