Benchmark Initiates Coverage on Hut 8 (NASDAQ:HUT)

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

HUT has been the topic of a number of other reports. Stifel Nicolaus upped their target price 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. HC Wainwright increased their price objective on shares of Hut 8 from $7.00 to $9.00 and gave the stock a sell rating in a report on Thursday, March 28th. Craig Hallum increased their price objective on shares of Hut 8 from $10.00 to $12.00 and gave the stock a hold rating in a report on Monday, April 1st. Canaccord Genuity Group cut their price objective on shares of Hut 8 from $17.50 to $14.00 and set a buy rating on the stock in a report on Friday, April 5th. Finally, Needham & Company LLC reiterated a buy rating and set a $12.00 price objective on shares of Hut 8 in a report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Hut 8 presently has a consensus rating of Moderate Buy and a consensus price target of $12.33.

Hut 8 Price Performance

Hut 8 stock opened at $8.86 on Monday. The firm has a market capitalization of $790.67 million, a PE ratio of -3.22 and a beta of 3.91. The company has a quick ratio of 4.61, a current ratio of 4.61 and a debt-to-equity ratio of 0.04. The firm’s 50-day simple moving average is $8.68 and its 200 day simple moving average is $7.41. Hut 8 has a 52 week low of $6.18 and a 52 week high of $22.75.

Institutional Trading of Hut 8

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