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

Hut 8 Corp. (NASDAQ:HUT) has earned an average recommendation of “Buy” from the six brokerages that are covering the firm, Marketbeat Ratings reports. Six analysts have rated the stock with a buy rating. The average 12-month price objective among brokerages that have covered the stock in the last year is $30.17.

A number of brokerages have recently weighed in on HUT. HC Wainwright raised their price target on Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Benchmark raised their target price on shares of Hut 8 from $17.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Stifel Nicolaus upped their price target on shares of Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a report on Wednesday, October 30th. Canaccord Genuity Group increased their price target on shares of Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Finally, Needham & Company LLC lifted their price objective on Hut 8 from $21.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th.

Hedge Funds Weigh In On Hut 8

A number of large investors have recently modified their holdings of HUT. Barclays PLC grew its stake in Hut 8 by 29.7% during the third quarter. Barclays PLC now owns 124,527 shares of the company’s stock worth $1,526,000 after buying an additional 28,532 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Hut 8 by 21.1% during the 3rd quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock valued at $26,902,000 after acquiring an additional 381,720 shares in the last quarter. Y Intercept Hong Kong Ltd boosted its position in Hut 8 by 25.6% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 60,492 shares of the company’s stock worth $742,000 after purchasing an additional 12,314 shares during the period. XTX Topco Ltd acquired a new stake in Hut 8 in the 3rd quarter valued at $162,000. Finally, State Street Corp increased its holdings in Hut 8 by 12.6% in the 3rd 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 in the last quarter. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

Hut 8 Stock Performance

Shares of HUT opened at $25.93 on Tuesday. Hut 8 has a 52-week low of $6.18 and a 52-week high of $30.17. The company has a 50-day simple moving average of $17.75 and a 200-day simple moving average of $14.37. The company has a current ratio of 1.00, a quick 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.