Hut 8 Corp. (NASDAQ:HUT) Receives $33.00 Consensus PT from Analysts

Hut 8 Corp. (NASDAQ:HUT) has been given an average rating of “Buy” by the nine analysts that are covering the company, MarketBeat reports. Nine research analysts have rated the stock with a buy recommendation. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $33.00.

Several research analysts have issued reports on HUT shares. HC Wainwright lifted 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. Stifel Nicolaus lifted their target price on Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a report on Wednesday, October 30th. Needham & Company LLC reaffirmed a “buy” rating and set a $38.00 target price on shares of Hut 8 in a report on Monday, January 13th. Canaccord Genuity Group lifted their price target on Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, Keefe, Bruyette & Woods began coverage on shares of Hut 8 in a report on Wednesday, January 8th. They issued an “outperform” rating for the company.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC lifted its position in Hut 8 by 77.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock worth $26,000 after buying an additional 545 shares in the last quarter. R Squared Ltd acquired a new position in shares of Hut 8 in the fourth quarter worth $26,000. Capital Performance Advisors LLP purchased a new stake in shares of Hut 8 during the third quarter worth $40,000. Amalgamated Bank acquired a new stake in Hut 8 during the second quarter valued at $42,000. Finally, KBC Group NV purchased a new position in Hut 8 in the fourth quarter valued at about $69,000. 31.75% of the stock is owned by hedge funds and other institutional investors.

Hut 8 Trading Down 0.9 %

Shares of HUT opened at $19.61 on Wednesday. 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 firm’s 50 day moving average is $25.08 and its 200-day moving average is $18.04. Hut 8 has a 12-month low of $6.34 and a 12-month 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.