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

Shares of Hut 8 Corp. (NASDAQ:HUT) have earned a consensus rating of “Buy” from the nine brokerages that are presently covering the stock, MarketBeat.com reports. Nine research analysts have rated the stock with a buy recommendation. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $33.00.

A number of brokerages have issued reports on HUT. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $35.00 price objective on shares of Hut 8 in a research note on Tuesday, January 7th. Needham & Company LLC restated a “buy” rating and issued a $38.00 price target on shares of Hut 8 in a research report on Monday, January 13th. Piper Sandler initiated coverage on Hut 8 in a report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price objective for the company. Stifel Nicolaus raised 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. Finally, Keefe, Bruyette & Woods initiated coverage on Hut 8 in a research report on Wednesday, January 8th. They set an “outperform” rating for the company.

Institutional Investors Weigh In On Hut 8

Several large investors have recently made changes to their positions in HUT. Nisa Investment Advisors LLC lifted its stake in 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 acquiring an additional 545 shares in the last quarter. R Squared Ltd acquired a new stake in shares of Hut 8 in the fourth quarter valued at approximately $26,000. Capital Performance Advisors LLP bought a new stake in shares of Hut 8 in the third quarter worth $40,000. Amalgamated Bank acquired a new position in Hut 8 during the second quarter worth $42,000. Finally, KBC Group NV bought a new position in Hut 8 in the fourth quarter valued at $69,000. Institutional investors own 31.75% of the company’s stock.

Hut 8 Trading Up 2.4 %

Shares of NASDAQ HUT opened at $26.04 on Wednesday. Hut 8 has a 1 year low of $6.23 and a 1 year high of $31.95. The firm’s 50-day moving average is $25.30 and its 200-day moving average is $17.98. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35.

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.