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

Shares of Hut 8 Corp. (NASDAQ:HUT) have been given an average recommendation of “Buy” by the ten analysts that are presently covering the stock, MarketBeat reports. Ten investment analysts have rated the stock with a buy recommendation. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $29.40.

A number of equities research analysts have commented on HUT shares. UBS Group set a $33.00 target price on Hut 8 in a research report on Wednesday, April 2nd. HC Wainwright reduced their price objective on shares of Hut 8 from $35.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. Piper Sandler began 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 for the company. Needham & Company LLC reissued a “buy” rating and issued a $30.00 price target on shares of Hut 8 in a research note on Tuesday, March 4th. Finally, Keefe, Bruyette & Woods assumed coverage on shares of Hut 8 in a report on Wednesday, January 8th. They issued an “outperform” rating on the stock.

Institutional Trading of Hut 8

Hedge funds have recently modified their holdings of the stock. Nisa Investment Advisors LLC increased its holdings in Hut 8 by 77.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock worth $26,000 after purchasing an additional 545 shares during the period. Summit Investment Advisors Inc. increased its stake in shares of Hut 8 by 7.9% during the fourth quarter. Summit Investment Advisors Inc. now owns 8,475 shares of the company’s stock worth $174,000 after buying an additional 618 shares during the period. Arizona State Retirement System raised its holdings in 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 acquiring an additional 637 shares in the last quarter. Foundations Investment Advisors LLC lifted its stake in Hut 8 by 1.9% in the fourth quarter. Foundations Investment Advisors LLC now owns 50,687 shares of the company’s stock worth $1,039,000 after acquiring an additional 932 shares during the last quarter. Finally, R Squared Ltd acquired a new position in Hut 8 during the 4th quarter worth approximately $26,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Hut 8 Stock Performance

HUT stock opened at $12.16 on Monday. Hut 8 has a one year low of $6.95 and a one year high of $31.95. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. The firm’s 50 day moving average price is $14.81 and its 200-day moving average price is $19.00.

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.