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

Hut 8 Corp. (NASDAQ:HUT) has received an average rating of “Buy” from the ten research firms that are presently covering the firm, MarketBeat reports. Ten research analysts have rated the stock with a buy recommendation. The average 12-month target price among analysts that have covered the stock in the last year is $29.89.

Several analysts recently issued reports on the company. Benchmark reissued a “buy” rating and issued 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 Hut 8 from $35.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. Canaccord Genuity Group reiterated a “buy” rating and set a $32.00 target price on shares of Hut 8 in a report on Tuesday, March 4th. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 target price on shares of Hut 8 in a report on Friday, March 7th. Finally, Craig Hallum upped their target price on Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th.

Hut 8 Trading Up 2.3 %

HUT opened at $12.15 on Thursday. The business’s 50-day moving average price is $20.28 and its 200-day moving average price is $18.73. 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 has a 12 month low of $6.95 and a 12 month high of $31.95.

Institutional Trading of Hut 8

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of Hut 8 by 3.9% in the 4th quarter. Vanguard Group Inc. now owns 6,459,385 shares of the company’s stock worth $132,352,000 after buying an additional 245,113 shares during the last quarter. State Street Corp lifted its position 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 acquiring an additional 307,292 shares in the last quarter. JAT Capital Mgmt LP bought a new position in Hut 8 in the 3rd quarter valued at approximately $32,260,000. Geode Capital Management LLC lifted its position in Hut 8 by 21.1% in 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. Finally, Jericho Capital Asset Management L.P. bought a new position in Hut 8 in the 4th quarter valued at approximately $37,400,000. Hedge funds and other 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.