Hut 8 (NASDAQ:HUT) Given New $66.00 Price Target at Needham & Company LLC

Hut 8 (NASDAQ:HUT) had its price target raised by research analysts at Needham & Company LLC from $60.00 to $66.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price target would indicate a potential upside of 19.35% from the stock’s current price.

Several other brokerages have also issued reports on HUT. Weiss Ratings reissued a “hold (c-)” rating on shares of Hut 8 in a research report on Monday, December 29th. HC Wainwright began coverage on Hut 8 in a report on Monday, February 2nd. They issued a “buy” rating and a $80.00 price objective for the company. Wall Street Zen raised Hut 8 from a “sell” rating to a “hold” rating in a research report on Saturday, January 31st. BTIG Research restated a “buy” rating and set a $55.00 target price on shares of Hut 8 in a report on Wednesday, December 17th. Finally, Craig Hallum reiterated a “buy” rating and issued a $80.00 price target on shares of Hut 8 in a research note on Thursday, December 18th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Hut 8 has an average rating of “Buy” and an average price target of $65.06.

Hut 8 Price Performance

Shares of NASDAQ HUT opened at $55.30 on Thursday. Hut 8 has a 1 year low of $10.04 and a 1 year high of $66.07. The stock has a market capitalization of $5.97 billion, a P/E ratio of -141.79 and a beta of 4.42. The company’s 50-day moving average is $54.68 and its 200 day moving average is $43.60. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.72 and a quick ratio of 0.72.

Hedge Funds Weigh In On Hut 8

Several large investors have recently modified their holdings of the stock. Rhumbline Advisers grew its holdings in shares of Hut 8 by 19.4% during the second quarter. Rhumbline Advisers now owns 146,356 shares of the company’s stock valued at $2,722,000 after buying an additional 23,753 shares during the last quarter. Zweig DiMenna Associates LLC purchased a new position in Hut 8 in the 2nd quarter worth approximately $3,688,000. Tobam lifted its position in Hut 8 by 48.9% in the 2nd quarter. Tobam now owns 34,945 shares of the company’s stock valued at $650,000 after acquiring an additional 11,482 shares in the last quarter. Paradiem LLC bought a new position in Hut 8 in the 3rd quarter valued at approximately $1,652,000. Finally, Steadview Capital Management LLC purchased a new stake in Hut 8 during the 3rd quarter valued at $985,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

About Hut 8

Hut 8 Corp., trading on the Nasdaq under the symbol HUT, is a North American digital infrastructure company specializing in cryptocurrency mining and high‐performance computing. Founded in 2017 and headquartered in Toronto, Canada, Hut 8 operates purpose‐built data centers that house fleets of specialized ASIC and GPU servers. Through its flagship mining facilities in Alberta and Ontario, the company leverages low‐cost, low‐carbon power sources—such as hydroelectric and natural gas—to support sustainable bitcoin production.