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

Shares of Hut 8 Corp. (NASDAQ:HUT) have earned an average recommendation of “Buy” from the nine ratings firms that are currently covering the firm, Marketbeat Ratings reports. Nine analysts have rated the stock with a buy rating. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $33.00.

Several analysts have issued reports on HUT shares. HC Wainwright upped their price target on shares of Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. 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. Craig Hallum lifted their price target on Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Cantor Fitzgerald reissued an “overweight” rating and set a $35.00 price target on shares of Hut 8 in a research report on Tuesday, January 7th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $38.00 price objective on shares of Hut 8 in a research report on Monday, January 13th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Hut 8 in the third quarter valued at approximately $9,997,000. Paloma Partners Management Co bought a new stake in shares of Hut 8 during the 3rd quarter valued at $834,000. State Street Corp grew its holdings in shares of 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 purchasing an additional 307,292 shares in the last quarter. MetLife Investment Management LLC increased its position in shares of Hut 8 by 129.1% in 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 during the period. Finally, Geode Capital Management LLC raised its stake in Hut 8 by 21.1% in 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 in the last quarter. 31.75% of the stock is owned by institutional investors and hedge funds.

Hut 8 Stock Performance

NASDAQ:HUT opened at $26.04 on Wednesday. Hut 8 has a twelve month low of $6.23 and a twelve 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. The stock’s 50 day moving average price is $25.30 and its two-hundred day moving average price is $17.98.

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.