Needham & Company LLC Increases Hut 8 (NASDAQ:HUT) Price Target to $32.00

Hut 8 (NASDAQ:HUT) had its price objective increased by Needham & Company LLC from $21.00 to $32.00 in a research report report published on Thursday morning,Benzinga reports. The firm currently has a buy rating on the stock.

HUT has been the subject of a number of other reports. Benchmark reiterated a “buy” rating and issued a $17.00 price objective on shares of Hut 8 in a report on Monday, October 7th. Stifel Nicolaus upped their price objective on Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a report on Wednesday, October 30th. Canaccord Genuity Group reiterated a “buy” rating and issued a $22.00 price objective on shares of Hut 8 in a report on Wednesday, August 21st. HC Wainwright reiterated a “buy” rating and issued a $13.50 price objective on shares of Hut 8 in a report on Friday, September 20th. Finally, Craig Hallum upped their price objective on Hut 8 from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $30.17.

Hut 8 Stock Up 9.2 %

Shares of NASDAQ HUT opened at $25.26 on Thursday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.68 and a current ratio of 1.00. The stock’s 50-day simple moving average is $14.47 and its two-hundred day simple moving average is $12.97. Hut 8 has a twelve month low of $6.18 and a twelve month high of $28.47.

Institutional Investors Weigh In On Hut 8

Institutional investors have recently bought and sold shares of the stock. Capital Performance Advisors LLP purchased a new stake in Hut 8 during the 3rd quarter valued at about $40,000. Amalgamated Bank purchased a new stake in Hut 8 during the 2nd quarter valued at about $42,000. Intech Investment Management LLC purchased a new stake in Hut 8 in the 3rd quarter worth approximately $133,000. Victory Capital Management Inc. purchased a new stake in Hut 8 in the 2nd quarter worth approximately $154,000. Finally, XTX Topco Ltd purchased a new stake in Hut 8 in the 3rd quarter worth approximately $162,000. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

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.