Hut 8 (NASDAQ:HUT) Coverage Initiated at Maxim Group

Maxim Group initiated coverage on shares of Hut 8 (NASDAQ:HUT) in a report issued on Thursday, MarketBeat reports. The firm set a “buy” rating and a $20.00 price target on the stock. Maxim Group’s price target suggests a potential upside of 44.93% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. HC Wainwright reduced their price target on Hut 8 from $35.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. Northland Securities initiated coverage on shares of Hut 8 in a research note on Monday, April 21st. They issued an “outperform” rating and a $20.00 price target for the company. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 price target on shares of Hut 8 in a research report on Friday, March 7th. Northland Capmk raised shares of Hut 8 to a “strong-buy” rating in a research note on Monday, April 21st. Finally, Benchmark dropped their price target on Hut 8 from $41.00 to $33.00 and set a “buy” rating on the stock in a research report on Wednesday, April 2nd. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $27.08.

Hut 8 Stock Performance

HUT opened at $13.80 on Thursday. Hut 8 has a one year low of $7.67 and a one year high of $31.95. The business has a 50 day simple moving average of $12.61 and a two-hundred day simple moving average of $18.94. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35.

Hedge Funds Weigh In On Hut 8

Several institutional investors and hedge funds have recently modified their holdings of HUT. Nisa Investment Advisors LLC increased its stake in shares of Hut 8 by 77.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock valued at $26,000 after purchasing an additional 545 shares in the last quarter. R Squared Ltd purchased a new stake in shares of Hut 8 in the fourth quarter valued at approximately $26,000. Optiver Holding B.V. purchased a new stake in shares of Hut 8 in the fourth quarter valued at approximately $35,000. Russell Investments Group Ltd. raised its stake in shares of Hut 8 by 832.4% during the 4th quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company’s stock worth $42,000 after buying an additional 1,823 shares during the period. Finally, Principal Securities Inc. purchased a new position in shares of Hut 8 during the 4th quarter valued at approximately $45,000. 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.