Research Analysts’ Weekly Ratings Changes for Hut 8 (HUT)

Hut 8 (NASDAQ: HUT) has recently received a number of price target changes and ratings updates:

• 4/22/2024 – Hut 8 is now covered by analysts at Benchmark Co.. They set a “buy” rating and a $12.00 price target on the stock.
• 4/5/2024 – Hut 8 had its price target lowered by analysts at Canaccord Genuity Group Inc. from $17.50 to $14.00. They now have a “buy” rating on the stock.
• 4/1/2024 – Hut 8 had its price target raised by analysts at Craig Hallum from $10.00 to $12.00. They now have a “hold” rating on the stock.
• 4/1/2024 – Hut 8 had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $12.00 price target on the stock.
• 3/28/2024 – Hut 8 had its price target raised by analysts at HC Wainwright from $7.00 to $9.00. They now have a “sell” rating on the stock.
• 3/28/2024 – Hut 8 had its “buy” rating reaffirmed by analysts at Canaccord Genuity Group Inc.. They now have a $3.50 price target on the stock.
• 3/18/2024 – Hut 8 is now covered by analysts at Needham & Company LLC. They set a “buy” rating and a $12.00 price target on the stock.
• 2/27/2024 – Hut 8 had its “sell” rating reaffirmed by analysts at HC Wainwright. They now have a $7.00 price target on the stock.

Hut 8 Stock Performance

Shares of Hut 8 stock traded up $0.84 on Monday, hitting $8.89. 1,976,713 shares of the company’s stock were exchanged, compared to its average volume of 5,165,371. The company has a 50-day simple moving average of $8.70 and a 200-day simple moving average of $7.28. The stock has a market capitalization of $793.34 million, a PE ratio of -3.23 and a beta of 3.91. Hut 8 Corp. has a 1 year low of $6.18 and a 1 year high of $22.75. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.61 and a current ratio of 4.61.

Hedge Funds Weigh In On Hut 8

Hedge funds have recently added to or reduced their stakes in the company. Qube Research & Technologies Ltd bought a new position in shares of Hut 8 during the third quarter valued at approximately $3,429,000. Wellington Management Group LLP boosted its stake in shares of Hut 8 by 203.4% during the third quarter. Wellington Management Group LLP now owns 1,125,958 shares of the company’s stock valued at $2,224,000 after purchasing an additional 754,891 shares in the last quarter. Westend Capital Management LLC bought a new position in shares of Hut 8 during the first quarter valued at approximately $5,190,000. Van ECK Associates Corp boosted its stake in shares of Hut 8 by 15.7% during the third quarter. Van ECK Associates Corp now owns 2,198,471 shares of the company’s stock valued at $4,287,000 after purchasing an additional 297,552 shares in the last quarter. Finally, SteelPeak Wealth LLC purchased a new stake in Hut 8 during the third quarter valued at approximately $393,000. 31.75% of the stock is currently owned by institutional investors.

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.