Needham & Company LLC Forecasts Strong Price Appreciation for Hut 8 (NASDAQ:HUT) Stock

Hut 8 (NASDAQ:HUT) had its target price raised by investment analysts at Needham & Company LLC from $21.00 to $32.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s target price suggests a potential upside of 26.68% from the stock’s previous close.

Several other research analysts have also weighed in on HUT. HC Wainwright reaffirmed a “buy” rating and set a $13.50 price target on shares of Hut 8 in a research report on Friday, September 20th. Stifel Nicolaus lifted their target price on Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a report on Wednesday, October 30th. Canaccord Genuity Group reissued a “buy” rating and set a $22.00 target price on shares of Hut 8 in a report on Wednesday, August 21st. Craig Hallum raised their price objective on Hut 8 from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, October 2nd. Finally, Benchmark reaffirmed a “buy” rating and issued a $17.00 target price on shares of Hut 8 in a report on Monday, October 7th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $30.17.

Hut 8 Stock Up 9.2 %

Hut 8 stock opened at $25.26 on Thursday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.68 and a current ratio of 1.68. The business has a 50-day moving average of $14.15 and a 200-day moving average of $12.82. Hut 8 has a 1 year low of $6.18 and a 1 year high of $28.47.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings data on Tuesday, August 13th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.11. The firm had revenue of $35.22 million for the quarter, compared to analyst estimates of $38.00 million. As a group, sell-side analysts expect that Hut 8 will post -0.55 EPS for the current year.

Institutional Investors Weigh In On Hut 8

Large investors have recently bought and sold shares of the stock. Swiss National Bank grew its holdings in shares of Hut 8 by 61.6% during the first quarter. Swiss National Bank now owns 141,940 shares of the company’s stock valued at $1,567,000 after buying an additional 54,100 shares during the last quarter. Vanguard Group Inc. increased its holdings in Hut 8 by 8,329.2% in the 1st quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock worth $30,770,000 after acquiring an additional 2,754,037 shares during the last quarter. Vident Advisory LLC raised its position in shares of Hut 8 by 78.3% in the first quarter. Vident Advisory LLC now owns 581,481 shares of the company’s stock valued at $6,422,000 after purchasing an additional 255,307 shares during the period. Tidal Investments LLC bought a new position in shares of Hut 8 in the first quarter worth $18,191,000. Finally, Westend Capital Management LLC lifted its holdings in Hut 8 by 1.7% during the 2nd quarter. Westend Capital Management LLC now owns 477,961 shares of the company’s stock worth $7,289,000 after purchasing an additional 7,827 shares in the last quarter. 31.75% of the stock is currently owned by institutional investors and hedge funds.

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.