Hut 8 Corp. (NASDAQ:HUT) Receives $29.89 Average Target Price from Analysts

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

A number of equities research analysts have recently commented on HUT shares. Rosenblatt Securities started coverage on shares of Hut 8 in a research note on Friday, March 7th. They issued a “buy” rating and a $23.00 price objective on the stock. Benchmark reissued a “buy” rating and set a $41.00 target price on shares of Hut 8 in a research note on Tuesday, January 7th. HC Wainwright cut their target price on shares of Hut 8 from $35.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. Needham & Company LLC reissued a “buy” rating and set a $30.00 target price on shares of Hut 8 in a research note on Tuesday, March 4th. Finally, Piper Sandler initiated coverage on shares of Hut 8 in a research note on Tuesday, December 17th. They set an “overweight” rating and a $33.00 target price on the stock.

Hut 8 Price Performance

NASDAQ:HUT opened at $12.62 on Thursday. The firm’s fifty day moving average is $19.85 and its 200-day moving average is $18.74. 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 has a 52 week low of $6.95 and a 52 week high of $31.95.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Nisa Investment Advisors LLC raised its holdings in Hut 8 by 77.9% during the fourth 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 last quarter. Summit Investment Advisors Inc. raised its holdings in shares of Hut 8 by 7.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 8,475 shares of the company’s stock valued at $174,000 after purchasing an additional 618 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of Hut 8 by 2.8% in the fourth quarter. Arizona State Retirement System now owns 23,764 shares of the company’s stock valued at $487,000 after purchasing an additional 637 shares during the last quarter. Foundations Investment Advisors LLC raised its holdings in shares of Hut 8 by 1.9% in the fourth quarter. Foundations Investment Advisors LLC now owns 50,687 shares of the company’s stock valued at $1,039,000 after purchasing an additional 932 shares during the last quarter. Finally, R Squared Ltd purchased a new stake in shares of Hut 8 in the fourth quarter valued at about $26,000. Institutional investors and hedge funds 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.