Benchmark Initiates Coverage on Hut 8 (NASDAQ:HUT)

Equities researchers at Benchmark started coverage on shares of Hut 8 (NASDAQ:HUT) in a report issued on Monday, Marketbeat reports. The brokerage set a “buy” rating and a $12.00 price target on the stock. Benchmark’s price target would indicate a potential upside of 24.61% from the stock’s previous close.

Several other brokerages also recently weighed in on HUT. Stifel Nicolaus raised their price target on shares of Hut 8 from $3.25 to $15.00 and gave the company a “speculative buy” rating in a research report on Monday, January 8th. Craig Hallum lifted their price target on shares of Hut 8 from $10.00 to $12.00 and gave the stock a “hold” rating in a research note on Monday, April 1st. HC Wainwright lifted their price target on shares of Hut 8 from $7.00 to $9.00 and gave the stock a “sell” rating in a research note on Thursday, March 28th. Needham & Company LLC reiterated a “buy” rating and set a $12.00 price target on shares of Hut 8 in a research note on Monday, April 1st. Finally, Canaccord Genuity Group dropped their price target on shares of Hut 8 from $17.50 to $14.00 and set a “buy” rating on the stock in a research note on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $12.33.

Hut 8 Price Performance

Shares of HUT opened at $9.63 on Monday. The company has a market capitalization of $859.35 million, a P/E ratio of -3.50 and a beta of 3.91. The company has a quick ratio of 4.61, a current ratio of 4.61 and a debt-to-equity ratio of 0.04. The firm has a 50 day moving average of $8.73 and a 200 day moving average of $7.38. Hut 8 has a twelve month low of $6.18 and a twelve month high of $22.75.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of HUT. Vontobel Holding Ltd. lifted its stake in shares of Hut 8 by 274.6% during the 3rd quarter. Vontobel Holding Ltd. now owns 50,476 shares of the company’s stock valued at $99,000 after buying an additional 37,000 shares in the last quarter. Mackenzie Financial Corp boosted its holdings in shares of Hut 8 by 7.3% during the 3rd quarter. Mackenzie Financial Corp now owns 91,752 shares of the company’s stock valued at $168,000 after purchasing an additional 6,225 shares during the last quarter. TD Asset Management Inc boosted its holdings in shares of Hut 8 by 2.7% during the 3rd quarter. TD Asset Management Inc now owns 203,130 shares of the company’s stock valued at $401,000 after purchasing an additional 5,373 shares during the last quarter. GSG Advisors LLC bought a new position in shares of Hut 8 during the 3rd quarter valued at about $273,000. Finally, QCM Cayman Ltd. bought a new position in shares of Hut 8 during the 3rd quarter valued at about $60,000. Hedge funds and other institutional investors 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.