Hut 8 Corp. (NASDAQ:HUT) Receives Average Rating of “Buy” from Analysts

Hut 8 Corp. (NASDAQ:HUT) has earned a consensus recommendation of “Buy” from the nine ratings firms that are covering the firm, Marketbeat.com reports. Nine investment analysts have rated the stock with a buy rating. The average 1-year price target among analysts that have issued a report on the stock in the last year is $33.00.

Several research firms have recently issued reports on HUT. Stifel Nicolaus raised their price target on Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a research report on Wednesday, October 30th. Benchmark restated a “buy” rating and set a $41.00 target price on shares of Hut 8 in a report on Tuesday, January 7th. Canaccord Genuity Group boosted their target price on Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Craig Hallum increased their price target on shares of Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Finally, Piper Sandler started coverage on shares of Hut 8 in a report on Tuesday, December 17th. They set an “overweight” rating and a $33.00 price objective for the company.

Hedge Funds Weigh In On Hut 8

Several institutional investors and hedge funds have recently modified their holdings of the business. Nisa Investment Advisors LLC raised its holdings in Hut 8 by 77.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock worth $26,000 after buying an additional 545 shares during the period. R Squared Ltd acquired a new stake in shares of Hut 8 during the fourth quarter worth $26,000. Optiver Holding B.V. bought a new stake in Hut 8 in the 4th quarter valued at $35,000. Capital Performance Advisors LLP acquired a new position in Hut 8 in the 3rd quarter worth $40,000. Finally, Russell Investments Group Ltd. increased its holdings in 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 purchasing an additional 1,823 shares in the last quarter. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Hut 8 Stock Down 1.0 %

Shares of NASDAQ HUT opened at $19.53 on Friday. Hut 8 has a fifty-two week low of $6.77 and a fifty-two week 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. The company’s 50 day simple moving average is $23.08 and its 200 day simple moving average is $18.44.

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.