Hut 8 (NASDAQ:HUT) Now Covered by Piper Sandler

Piper Sandler began coverage on shares of Hut 8 (NASDAQ:HUT) in a research note released on Tuesday morning, MarketBeat.com reports. The brokerage issued an overweight rating and a $33.00 price target on the stock.

Other analysts have also issued reports about the stock. Canaccord Genuity Group upped their price target on shares of Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Needham & Company LLC upped their target price on Hut 8 from $21.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Benchmark lifted their price target on Hut 8 from $17.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Cantor Fitzgerald initiated coverage on Hut 8 in a research note on Monday, December 9th. They issued an “overweight” rating and a $35.00 price objective on the stock. Finally, HC Wainwright raised their target price on Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $31.88.

Hut 8 Stock Up 1.9 %

Shares of NASDAQ HUT opened at $29.62 on Tuesday. The firm’s 50-day simple moving average is $20.78 and its 200 day simple moving average is $15.64. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. Hut 8 has a fifty-two week low of $6.18 and a fifty-two week high of $31.95.

Institutional Investors Weigh In On Hut 8

Institutional investors and hedge funds have recently modified their holdings of the stock. JAT Capital Mgmt LP purchased a new stake in Hut 8 during the third quarter valued at about $32,260,000. D1 Capital Partners L.P. purchased a new stake in shares of Hut 8 in the 2nd quarter valued at approximately $17,388,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Hut 8 in the 3rd quarter valued at approximately $9,997,000. Geode Capital Management LLC boosted its stake in Hut 8 by 21.1% in 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 during the period. Finally, State Street Corp grew its position in Hut 8 by 12.6% during the 3rd quarter. State Street Corp now owns 2,740,769 shares of the company’s stock worth $33,602,000 after purchasing an additional 307,292 shares in the last quarter. 31.75% of the stock is owned by institutional investors and hedge funds.

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.