Hut 8 (NASDAQ:HUT) Coverage Initiated by Analysts at Benchmark

Benchmark began coverage on shares of Hut 8 (NASDAQ:HUT) in a report published on Monday morning, MarketBeat reports. The firm issued a buy rating and a $12.00 price objective on the stock.

Several other research analysts have also weighed in on HUT. Stifel Nicolaus increased their price objective on Hut 8 from $3.25 to $15.00 and gave the stock a speculative buy rating in a research report on Monday, January 8th. Craig Hallum increased their price objective on Hut 8 from $10.00 to $12.00 and gave the stock a hold rating in a research report on Monday, April 1st. HC Wainwright increased their price objective on Hut 8 from $7.00 to $9.00 and gave the stock a sell rating in a research report on Thursday, March 28th. Canaccord Genuity Group lowered their price objective on Hut 8 from $17.50 to $14.00 and set a buy rating for the company in a research report on Friday, April 5th. Finally, Needham & Company LLC reiterated a buy rating and issued a $12.00 price objective on shares of Hut 8 in a research report on Monday, April 1st. One analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Hut 8 has a consensus rating of Moderate Buy and a consensus price target of $12.33.

Hut 8 Price Performance

HUT stock opened at $9.22 on Monday. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.61 and a quick ratio of 4.61. The business has a 50 day simple moving average of $8.71 and a 200-day simple moving average of $7.33. The firm has a market capitalization of $822.79 million, a PE ratio of -3.35 and a beta of 3.91. Hut 8 has a 1 year low of $6.18 and a 1 year high of $22.75.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. TD Asset Management Inc raised its stake in shares of Hut 8 by 2.7% in the third quarter. TD Asset Management Inc now owns 203,130 shares of the company’s stock valued at $401,000 after acquiring an additional 5,373 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in Hut 8 by 7.3% during the 3rd quarter. Mackenzie Financial Corp now owns 91,752 shares of the company’s stock worth $168,000 after buying an additional 6,225 shares during the last quarter. Private Advisor Group LLC lifted its holdings in shares of Hut 8 by 54.7% in the 3rd quarter. Private Advisor Group LLC now owns 18,095 shares of the company’s stock valued at $35,000 after purchasing an additional 6,400 shares during the last quarter. Golden Green Inc. purchased a new stake in shares of Hut 8 in the 3rd quarter valued at about $29,000. Finally, QCM Cayman Ltd. purchased a new stake in shares of Hut 8 in the 3rd quarter valued at about $60,000. 31.75% of the stock is currently 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.