Hut 8 Corp. (NASDAQ:HUT) Given Average Recommendation of “Buy” by Analysts

Shares of Hut 8 Corp. (NASDAQ:HUT) have been assigned an average rating of “Buy” from the ten research firms that are presently covering the company, Marketbeat reports. Ten investment analysts have rated the stock with a buy recommendation. The average 1-year target price among brokers that have covered the stock in the last year is $29.89.

Several research firms have recently commented on HUT. Keefe, Bruyette & Woods began coverage on shares of Hut 8 in a research report on Wednesday, January 8th. They set an “outperform” rating for the company. Needham & Company LLC reiterated a “buy” rating and set a $30.00 price objective on shares of Hut 8 in a research note on Tuesday, March 4th. Benchmark reiterated a “buy” rating and set a $41.00 price objective on shares of Hut 8 in a research note on Tuesday, January 7th. Piper Sandler assumed coverage on Hut 8 in a research note on Tuesday, December 17th. They set an “overweight” rating and a $33.00 price objective for the company. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $32.00 price objective on shares of Hut 8 in a research note on Tuesday, March 4th.

Hut 8 Trading Up 2.6 %

NASDAQ HUT opened at $12.95 on Thursday. Hut 8 has a 52 week low of $6.95 and a 52 week high of $31.95. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. The company has a 50-day moving average price of $19.58 and a 200-day moving average price of $18.82.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in HUT. Nisa Investment Advisors LLC boosted its position in shares of Hut 8 by 77.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock valued at $26,000 after acquiring an additional 545 shares during the last quarter. R Squared Ltd bought a new position in shares of Hut 8 during the 4th quarter valued at approximately $26,000. Optiver Holding B.V. bought a new position in shares of Hut 8 during the 4th quarter valued at approximately $35,000. Russell Investments Group Ltd. boosted its position 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 valued at $42,000 after acquiring an additional 1,823 shares during the last quarter. Finally, Principal Securities Inc. bought a new position in shares of Hut 8 during the 4th quarter valued at approximately $45,000. 31.75% of the stock is currently owned by institutional investors.

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.