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

Hut 8 Corp. (NASDAQ:HUT) has been assigned a consensus recommendation of “Buy” from the ten brokerages that are covering the company, MarketBeat reports. Ten research analysts have rated the stock with a buy recommendation. The average 12 month price objective among brokers that have covered the stock in the last year is $29.00.

Several analysts have recently weighed in on HUT shares. HC Wainwright decreased their target price on shares of Hut 8 from $35.00 to $30.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. Keefe, Bruyette & Woods started coverage on Hut 8 in a report on Wednesday, January 8th. They issued an “outperform” rating for the company. Piper Sandler assumed coverage on Hut 8 in a research report on Tuesday, December 17th. They set an “overweight” rating and a $33.00 target price for the company. Needham & Company LLC reiterated a “buy” rating and set a $30.00 price objective on shares of Hut 8 in a research note on Tuesday, March 4th. Finally, Rosenblatt Securities initiated coverage on shares of Hut 8 in a research note on Friday, March 7th. They issued a “buy” rating and a $23.00 target price on the stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. 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 last quarter. MetLife Investment Management LLC lifted its position in shares of Hut 8 by 129.1% during the third quarter. MetLife Investment Management LLC now owns 46,719 shares of the company’s stock worth $573,000 after purchasing an additional 26,324 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Hut 8 by 21.1% during the third 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 last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Hut 8 by 9.4% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 891,830 shares of the company’s stock valued at $18,242,000 after purchasing an additional 76,299 shares in the last quarter. Finally, Barclays PLC raised its position in Hut 8 by 29.7% in the 3rd quarter. Barclays PLC now owns 124,527 shares of the company’s stock worth $1,526,000 after purchasing an additional 28,532 shares during the last quarter. 31.75% of the stock is owned by institutional investors.

Hut 8 Stock Performance

HUT opened at $11.39 on Monday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. The firm’s fifty day moving average price is $16.08 and its two-hundred day moving average price is $19.05. Hut 8 has a fifty-two week low of $6.95 and a fifty-two week high of $31.95.

About Hut 8

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.