Hut 8 (NASDAQ:HUT) Price Target Raised to $32.00 at Benchmark

Hut 8 (NASDAQ:HUT) had its target price hoisted by research analysts at Benchmark from $17.00 to $32.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Benchmark’s price target indicates a potential upside of 26.68% from the company’s current price.

Several other research analysts have also recently weighed in on HUT. Stifel Nicolaus increased their price objective on Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a research report on Wednesday, October 30th. Craig Hallum raised their price target on shares of Hut 8 from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. HC Wainwright reissued a “buy” rating and issued a $13.50 price objective on shares of Hut 8 in a report on Friday, September 20th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $22.00 target price on shares of Hut 8 in a report on Wednesday, August 21st. Finally, Needham & Company LLC lifted their price target on shares of Hut 8 from $21.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $30.17.

Hut 8 Price Performance

Hut 8 stock opened at $25.26 on Thursday. Hut 8 has a twelve month low of $6.18 and a twelve month high of $28.47. The company’s 50-day moving average price is $14.15 and its two-hundred day moving average price is $12.82. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.68 and a quick ratio of 1.68.

Hut 8 (NASDAQ:HUT) last announced its earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.11. The firm had revenue of $35.22 million for the quarter, compared to the consensus estimate of $38.00 million. On average, equities research analysts predict that Hut 8 will post -0.55 EPS for the current year.

Institutional Trading of Hut 8

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Hut 8 by 8,329.2% in the first quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock valued at $30,770,000 after acquiring an additional 2,754,037 shares during the last quarter. State Street Corp boosted its stake in shares of Hut 8 by 12.6% in the 3rd quarter. State Street Corp now owns 2,740,769 shares of the company’s stock valued at $33,602,000 after purchasing an additional 307,292 shares in the last quarter. JAT Capital Mgmt LP bought a new stake in shares of Hut 8 during the 3rd quarter valued at approximately $32,260,000. Geode Capital Management LLC increased its position in Hut 8 by 21.1% during the 3rd quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock worth $26,902,000 after purchasing an additional 381,720 shares in the last quarter. Finally, Tidal Investments LLC acquired a new position in Hut 8 during the 1st quarter worth approximately $18,191,000. 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.