Benchmark Initiates Coverage on Hut 8 (NASDAQ:HUT)

Equities researchers at Benchmark started coverage on shares of Hut 8 (NASDAQ:HUT) in a research note issued on Monday, Marketbeat reports. The firm set a “buy” rating and a $12.00 price target on the stock. Benchmark’s target price indicates a potential upside of 24.61% from the company’s current price.

A number of other equities research analysts also recently commented on HUT. HC Wainwright increased their price objective on shares of Hut 8 from $7.00 to $9.00 and gave the company a “sell” rating in a research report on Thursday, March 28th. Craig Hallum upped their target price 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. 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. Canaccord Genuity Group lowered their target price on shares of Hut 8 from $17.50 to $14.00 and set a “buy” rating for the company in a report on Friday, April 5th. Finally, Needham & Company LLC restated a “buy” rating and issued a $12.00 target price on shares of Hut 8 in a report on Monday, April 1st. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $12.33.

Hut 8 Trading Up 4.4 %

Shares of NASDAQ:HUT opened at $9.63 on Monday. Hut 8 has a 52 week low of $6.18 and a 52 week high of $22.75. The company’s 50 day moving average is $8.73 and its two-hundred day moving average is $7.38. The company has a current ratio of 4.61, a quick ratio of 4.61 and a debt-to-equity ratio of 0.04. The company has a market cap of $859.35 million, a PE ratio of -3.50 and a beta of 3.91.

Institutional Trading of Hut 8

A number of large investors have recently bought and sold shares of HUT. Golden Green Inc. acquired a new stake in Hut 8 during the 3rd quarter worth $29,000. Private Advisor Group LLC raised its position in Hut 8 by 54.7% during the 3rd quarter. Private Advisor Group LLC now owns 18,095 shares of the company’s stock worth $35,000 after buying an additional 6,400 shares during the last quarter. QCM Cayman Ltd. purchased a new position in Hut 8 during the 3rd quarter worth $60,000. Global Retirement Partners LLC raised its position in Hut 8 by 280.1% during the 1st quarter. Global Retirement Partners LLC now owns 5,428 shares of the company’s stock worth $60,000 after buying an additional 4,000 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new position in Hut 8 during the 3rd quarter worth $73,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

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.