Hut 8 (NASDAQ:HUT) Now Covered by Analysts at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods began coverage on shares of Hut 8 (NASDAQ:HUT) in a research note published on Wednesday, MarketBeat reports. The firm issued an outperform rating on the stock.

HUT has been the subject of several other reports. Craig Hallum raised their target price on Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Piper Sandler assumed coverage on Hut 8 in a research report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 target price on the stock. Stifel Nicolaus increased their price objective on shares of Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research report on Wednesday, October 30th. Needham & Company LLC boosted their target price on Hut 8 from $32.00 to $38.00 and gave the company a “buy” rating in a research report on Tuesday, December 17th. Finally, Benchmark reissued a “buy” rating and issued a $41.00 price objective on shares of Hut 8 in a research report on Tuesday. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $33.00.

Hut 8 Stock Down 5.4 %

HUT opened at $23.50 on Wednesday. The stock’s 50 day simple moving average is $24.08 and its 200 day simple moving average is $17.14. Hut 8 has a 1 year low of $6.18 and a 1 year high of $31.95. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00.

Hedge Funds Weigh In On Hut 8

Hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp acquired a new stake in Hut 8 during the second quarter worth about $4,390,000. Rhumbline Advisers grew its stake in shares of Hut 8 by 684,077.8% in the 2nd quarter. Rhumbline Advisers now owns 123,152 shares of the company’s stock worth $1,846,000 after purchasing an additional 123,134 shares during the last quarter. Victory Capital Management Inc. bought a new position in shares of Hut 8 in the second quarter valued at $154,000. Arizona State Retirement System purchased a new position in Hut 8 in the 2nd quarter worth about $337,000. Finally, Headlands Technologies LLC raised its holdings in shares of Hut 8 by 121.6% during the second quarter. Headlands Technologies LLC now owns 51,228 shares of the company’s stock valued at $768,000 after acquiring an additional 28,109 shares during the period. Institutional investors and hedge funds own 31.75% of the company’s stock.

Hut 8 Company Profile

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.