Hut 8 (NASDAQ:HUT) Receives New Coverage from Analysts at Benchmark

Benchmark assumed coverage on shares of Hut 8 (NASDAQ:HUT - Get Free Report) in a report released on Monday, Marketbeat.com reports. The firm set a "buy" rating and a $12.00 price target on the stock. Benchmark's price target would suggest a potential upside of 30.15% from the stock's previous close.

Other equities analysts have also recently issued reports about the stock. HC Wainwright lifted their price target on shares of Hut 8 from $7.00 to $9.00 and gave the stock a "sell" rating in a research note on Thursday, March 28th. Craig Hallum upped their price objective on shares of Hut 8 from $10.00 to $12.00 and gave the company a "hold" rating in a report on Monday, April 1st. Needham & Company LLC reaffirmed a "buy" rating and issued a $12.00 price objective on shares of Hut 8 in a report on Monday, April 1st. Canaccord Genuity Group decreased their target price on shares of Hut 8 from $17.50 to $14.00 and set a "buy" rating for the company in a research note on Friday, April 5th. Finally, Stifel Nicolaus increased their price objective on shares of Hut 8 from $3.25 to $15.00 and gave the company a "speculative buy" rating in a report on Monday, January 8th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $12.33.

Hut 8 Price Performance

HUT traded up $1.17 during trading on Monday, hitting $9.22. 4,171,921 shares of the company traded hands, compared to its average volume of 5,195,888. The company has a market cap of $822.79 million, a PE ratio of -3.23 and a beta of 3.91. The stock's 50-day simple moving average is $8.70 and its two-hundred day simple moving average is $7.28. Hut 8 has a 1 year low of $6.18 and a 1 year high of $22.75. The company has a current ratio of 4.61, a quick ratio of 4.61 and a debt-to-equity ratio of 0.04.

Institutional Investors Weigh In On Hut 8

A number of institutional investors have recently made changes to their positions in HUT. Westend Capital Management LLC acquired a new position in shares of Hut 8 in the first quarter valued at approximately $5,190,000. Nomura Holdings Inc. acquired a new position in shares of Hut 8 in the fourth quarter valued at approximately $1,774,000. Foundations Investment Advisors LLC acquired a new position in shares of Hut 8 in the fourth quarter valued at approximately $605,000. AM Investment Strategies LLC acquired a new position in shares of Hut 8 in the fourth quarter valued at approximately $597,000. Finally, Savior LLC acquired a new position in shares of Hut 8 in the fourth quarter valued at approximately $1,543,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

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.