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

Shares of Hut 8 Corp. (NASDAQ:HUT) have earned an average rating of “Buy” from the eight research firms that are currently covering the stock, Marketbeat Ratings reports. Eight equities research analysts have rated the stock with a buy rating. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $31.88.

Several equities research analysts recently commented on HUT shares. Benchmark boosted their price target on Hut 8 from $17.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Stifel Nicolaus lifted their target price on shares of Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a report on Wednesday, October 30th. Piper Sandler assumed coverage on shares of Hut 8 in a research report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price target on the stock. HC Wainwright boosted their price objective on Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Finally, Cantor Fitzgerald assumed coverage on shares of Hut 8 in a research report on Monday, December 9th. They issued an “overweight” rating and a $35.00 price target for the company.

Institutional Investors Weigh In On Hut 8

A number of institutional investors and hedge funds have recently modified their holdings of HUT. JAT Capital Mgmt LP acquired a new stake in shares of Hut 8 in the 3rd quarter valued at $32,260,000. D1 Capital Partners L.P. acquired a new stake in shares of Hut 8 in the 2nd quarter valued at about $17,388,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Hut 8 during the 3rd quarter valued at $9,997,000. Geode Capital Management LLC raised its stake in shares of Hut 8 by 21.1% in the third quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock worth $26,902,000 after purchasing an additional 381,720 shares during the last quarter. Finally, State Street Corp raised its holdings in shares of Hut 8 by 12.6% in the third quarter. State Street Corp now owns 2,740,769 shares of the company’s stock valued at $33,602,000 after purchasing an additional 307,292 shares during the last quarter. 31.75% of the stock is owned by institutional investors.

Hut 8 Price Performance

Shares of Hut 8 stock opened at $22.32 on Friday. Hut 8 has a 12-month low of $6.18 and a 12-month high of $31.95. The stock’s fifty day moving average is $22.83 and its 200-day moving average is $16.39. 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.