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

Hut 8 Corp. (NASDAQ:HUT) has been given an average rating of “Buy” by the seven research firms that are covering the firm, MarketBeat reports. Seven investment analysts have rated the stock with a buy rating. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $30.86.

A number of research firms recently commented on HUT. Needham & Company LLC lifted their price objective on Hut 8 from $21.00 to $32.00 and gave the stock a “buy” rating in a research note 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. Canaccord Genuity Group increased their price objective on shares of Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. HC Wainwright boosted their target price on shares of Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Finally, Stifel Nicolaus increased their price target on Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a report on Wednesday, October 30th.

Institutional Investors Weigh In On Hut 8

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Hut 8 in the third quarter worth approximately $9,997,000. Paloma Partners Management Co purchased a new stake in shares of Hut 8 in the 3rd quarter valued at $834,000. D1 Capital Partners L.P. bought a new position in shares of Hut 8 during the 2nd quarter valued at $17,388,000. Vanguard Group Inc. raised its position in Hut 8 by 8,329.2% in the 1st quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock worth $30,770,000 after purchasing an additional 2,754,037 shares during the period. Finally, MetLife Investment Management LLC lifted its stake in 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 last quarter. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Hut 8 Trading Down 10.1 %

Hut 8 stock opened at $27.20 on Tuesday. The business has a 50 day moving average of $19.24 and a 200-day moving average of $15.00. 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 has a 1 year low of $6.18 and a 1 year high of $31.95.

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.