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

Hut 8 Corp. (NASDAQ:HUT) has been given an average recommendation of “Buy” by the eight research firms that are covering the company, Marketbeat reports. Eight analysts have rated the stock with a buy rating. The average 1-year price target among brokerages that have covered the stock in the last year is $31.88.

A number of equities analysts have recently commented on HUT shares. HC Wainwright lifted their price objective on Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Benchmark upped their price target on Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Piper Sandler began coverage on Hut 8 in a research report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price objective for the company. Stifel Nicolaus upped their target price on shares of Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research note on Wednesday, October 30th. Finally, Craig Hallum raised their price target on shares of Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th.

Hut 8 Stock Performance

Shares of HUT stock opened at $20.49 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. The business’s 50 day moving average is $23.31 and its two-hundred day moving average is $16.72. Hut 8 has a 12 month low of $6.18 and a 12 month high of $31.95.

Institutional Trading of Hut 8

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Amalgamated Bank bought a new stake in shares of Hut 8 in the 2nd quarter valued at approximately $42,000. Capital Performance Advisors LLP acquired a new position in Hut 8 during the third quarter worth $40,000. Victory Capital Management Inc. bought a new position in shares of Hut 8 during the second quarter valued at $154,000. Intech Investment Management LLC acquired a new stake in shares of Hut 8 in the 3rd quarter valued at $133,000. Finally, XTX Topco Ltd bought a new stake in shares of Hut 8 in the 3rd quarter worth about $162,000. 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.