Analysts Set Hut 8 Corp. (NASDAQ:HUT) Price Target at $30.17

Hut 8 Corp. (NASDAQ:HUT) has been assigned an average recommendation of “Buy” from the seven analysts that are presently covering the company, MarketBeat.com reports. Seven analysts have rated the stock with a buy rating. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $30.86.

Several brokerages recently issued reports on HUT. Stifel Nicolaus boosted their price target on shares of Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research report on Wednesday, October 30th. Cantor Fitzgerald initiated coverage on Hut 8 in a report on Monday. They set an “overweight” rating and a $35.00 target price on the stock. Benchmark raised their target price on Hut 8 from $17.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. HC Wainwright upped their price target on Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, Canaccord Genuity Group raised their price objective on Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th.

Hut 8 Stock Down 10.1 %

Hut 8 stock opened at $27.20 on Tuesday. The company has a current ratio of 1.00, a quick 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. The firm has a 50-day moving average of $19.24 and a 200-day moving average of $15.00.

Institutional Trading of Hut 8

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in shares of Hut 8 by 8,329.2% during the 1st quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock valued at $30,770,000 after purchasing an additional 2,754,037 shares during the last quarter. JAT Capital Mgmt LP purchased a new position in Hut 8 during the third quarter worth $32,260,000. D1 Capital Partners L.P. bought a new position in Hut 8 during the second quarter valued at $17,388,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Hut 8 during the third quarter valued at $9,997,000. Finally, Geode Capital Management LLC raised its stake in shares of 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 acquiring an additional 381,720 shares during the period. 31.75% of the stock is currently owned by institutional investors.

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.