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

Hut 8 Corp. (NASDAQ:HUT) has been assigned an average recommendation of “Buy” from the eight brokerages that are presently covering the firm, MarketBeat Ratings reports. Eight analysts have rated the stock with a buy recommendation. The average 1 year price target among analysts that have issued a report on the stock in the last year is $31.88.

A number of equities analysts have recently issued reports on HUT shares. Benchmark raised their price objective on Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a research report 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. Stifel Nicolaus increased their price objective on shares of Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a research report on Wednesday, October 30th. Cantor Fitzgerald assumed coverage on shares of Hut 8 in a report on Monday, December 9th. They issued an “overweight” rating and a $35.00 target price on the stock. Finally, Needham & Company LLC increased their price target on Hut 8 from $32.00 to $38.00 and gave the stock a “buy” rating in a report on Tuesday, December 17th.

Hedge Funds Weigh In On Hut 8

A number of institutional investors have recently modified their holdings of HUT. Barclays PLC raised its holdings in Hut 8 by 29.7% during the 3rd quarter. Barclays PLC now owns 124,527 shares of the company’s stock valued at $1,526,000 after acquiring an additional 28,532 shares during the period. Geode Capital Management LLC lifted its holdings in Hut 8 by 21.1% during the 3rd quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock worth $26,902,000 after purchasing an additional 381,720 shares in the last quarter. Y Intercept Hong Kong Ltd boosted its stake in Hut 8 by 25.6% in 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 bought a new stake in shares of Hut 8 during the third quarter valued at about $162,000. Finally, State Street Corp lifted its holdings in shares of Hut 8 by 12.6% in the third quarter. State Street Corp now owns 2,740,769 shares of the company’s stock worth $33,602,000 after buying an additional 307,292 shares in the last quarter. 31.75% of the stock is owned by institutional investors and hedge funds.

Hut 8 Price Performance

Shares of NASDAQ:HUT opened at $24.16 on Friday. The business has a fifty day simple moving average of $23.63 and a 200 day simple moving average of $16.84. Hut 8 has a 12-month low of $6.18 and a 12-month 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.

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.