Hut 8 (NASDAQ:HUT) Given New $32.00 Price Target at Benchmark

Hut 8 (NASDAQ:HUT) had its price target hoisted by Benchmark from $17.00 to $32.00 in a research report released on Thursday,Benzinga reports. Benchmark currently has a buy rating on the stock.

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

Hut 8 Stock Performance

Hut 8 stock traded up $2.12 during trading hours on Thursday, hitting $25.26. The stock had a trading volume of 7,361,880 shares, compared to its average volume of 5,103,226. The business’s 50 day simple moving average is $13.87 and its 200-day simple moving average is $12.74. Hut 8 has a one year low of $6.18 and a one year high of $28.47. 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 posted its earnings results on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.09) by $0.11. The business had revenue of $35.22 million for the quarter, compared to analyst estimates of $38.00 million. On average, research analysts predict that Hut 8 will post -0.55 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Hut 8

Hedge funds and other institutional investors have recently bought and sold shares of the company. D1 Capital Partners L.P. acquired a new position in Hut 8 in the second quarter valued at $17,388,000. Vanguard Group Inc. lifted its holdings 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 buying an additional 2,754,037 shares during the period. Millennium Management LLC lifted its holdings in Hut 8 by 46.4% in the second quarter. Millennium Management LLC now owns 649,518 shares of the company’s stock valued at $9,733,000 after buying an additional 205,836 shares during the period. Swiss National Bank lifted its holdings in Hut 8 by 61.6% in the first quarter. Swiss National Bank now owns 141,940 shares of the company’s stock valued at $1,567,000 after buying an additional 54,100 shares during the period. Finally, Ninepoint Partners LP acquired a new position in Hut 8 in the second quarter valued at $720,000. 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.