Hut 8 Corp. (NASDAQ:HUT) Receives $12.40 Average PT from Brokerages

Hut 8 Corp. (NASDAQ:HUT) has earned an average recommendation of “Moderate Buy” from the six ratings firms that are presently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and four have issued a buy recommendation on the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $12.33.

HUT has been the topic of a number of research analyst reports. Stifel Nicolaus raised their price objective on shares of Hut 8 from $3.25 to $15.00 and gave the company a “speculative buy” rating in a research note on Monday, January 8th. Canaccord Genuity Group decreased their price target on shares of Hut 8 from $17.50 to $14.00 and set a “buy” rating on the stock in a research report on Friday, April 5th. Needham & Company LLC restated a “buy” rating and issued a $12.00 price target on shares of Hut 8 in a research report on Monday, April 1st. Craig Hallum lifted their price target on shares of Hut 8 from $10.00 to $12.00 and gave the stock a “hold” rating in a research report on Monday, April 1st. Finally, Benchmark assumed coverage on shares of Hut 8 in a research report on Monday. They issued a “buy” rating and a $12.00 price target on the stock.

Institutional Investors Weigh In On Hut 8

A number of hedge funds and other institutional investors have recently made changes to their positions in HUT. Golden Green Inc. purchased a new stake in shares of Hut 8 during the 3rd quarter worth about $29,000. Private Advisor Group LLC raised its stake in shares of Hut 8 by 54.7% in the 3rd quarter. Private Advisor Group LLC now owns 18,095 shares of the company’s stock valued at $35,000 after acquiring an additional 6,400 shares in the last quarter. QCM Cayman Ltd. bought a new position in shares of Hut 8 in the 3rd quarter valued at approximately $60,000. Global Retirement Partners LLC raised its stake in shares of Hut 8 by 280.1% in the 1st quarter. Global Retirement Partners LLC now owns 5,428 shares of the company’s stock valued at $60,000 after acquiring an additional 4,000 shares in the last quarter. Finally, Headlands Technologies LLC bought a new position in shares of Hut 8 in the 3rd quarter valued at approximately $73,000. 31.75% of the stock is owned by hedge funds and other institutional investors.

Hut 8 Stock Performance

HUT opened at $8.98 on Monday. The business’s 50 day moving average is $8.70 and its 200-day moving average is $7.40. The stock has a market cap of $801.38 million, a PE ratio of -3.27 and a beta of 3.91. The company has a current ratio of 4.61, a quick ratio of 4.61 and a debt-to-equity ratio of 0.04. Hut 8 has a twelve month low of $6.18 and a twelve month high of $22.75.

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.