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

Hut 8 Corp. (NASDAQ:HUT) has received an average rating of “Buy” from the nine ratings firms that are currently covering the firm, Marketbeat Ratings reports. Nine equities research analysts have rated the stock with a buy recommendation. The average twelve-month price target among brokers that have covered the stock in the last year is $33.00.

HUT has been the topic of a number of research reports. Canaccord Genuity Group boosted their price objective on Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Craig Hallum boosted 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. Needham & Company LLC reaffirmed a “buy” rating and issued a $38.00 price objective on shares of Hut 8 in a research note on Monday, January 13th. HC Wainwright increased their target price on shares of Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Finally, Piper Sandler began 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.

Hedge Funds Weigh In On Hut 8

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in shares of Hut 8 by 3.9% during 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 period. State Street Corp grew its holdings in Hut 8 by 12.6% during the 3rd quarter. State Street Corp now owns 2,740,769 shares of the company’s stock worth $33,602,000 after acquiring an additional 307,292 shares during the period. JAT Capital Mgmt LP bought a new stake in shares of Hut 8 during the 3rd quarter valued at $32,260,000. Geode Capital Management LLC lifted its stake in shares of 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 purchasing an additional 381,720 shares during the period. Finally, Jericho Capital Asset Management L.P. bought a new position in shares of Hut 8 in the 4th quarter worth $37,400,000. 31.75% of the stock is owned by institutional investors.

Hut 8 Price Performance

Shares of NASDAQ HUT opened at $20.47 on Friday. Hut 8 has a 12-month low of $6.77 and a 12-month high of $31.95. The stock has a 50 day simple moving average of $23.62 and a 200-day simple moving average of $18.30. 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.