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

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

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

Hut 8 Trading Up 9.2 %

Hut 8 stock traded up $2.12 during mid-day trading on Thursday, hitting $25.26. 7,361,880 shares of the company’s stock traded hands, compared to its average volume of 5,103,226. The firm has a 50 day simple moving average of $13.87 and a two-hundred day simple moving average of $12.74. Hut 8 has a fifty-two week low of $6.18 and a fifty-two week high of $28.47. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 0.43.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, beating 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, analysts anticipate that Hut 8 will post -0.55 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of HUT. Capital Performance Advisors LLP bought a new position in shares of Hut 8 in the third quarter worth $40,000. Amalgamated Bank bought a new position in shares of Hut 8 in the second quarter worth $42,000. Intech Investment Management LLC bought a new position in Hut 8 in the third quarter valued at about $133,000. Victory Capital Management Inc. bought a new position in Hut 8 in the second quarter valued at about $154,000. Finally, Entropy Technologies LP acquired a new position in Hut 8 during the third quarter worth about $170,000. 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.