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

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

A number of brokerages recently commented on HUT. Canaccord Genuity Group upped their target price on Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Benchmark reaffirmed a “buy” rating and set a $41.00 price objective on shares of Hut 8 in a report on Tuesday, January 7th. Keefe, Bruyette & Woods started coverage on shares of Hut 8 in a research note on Wednesday, January 8th. They issued an “outperform” rating on the stock. Needham & Company LLC reissued a “buy” rating and issued a $38.00 price target on shares of Hut 8 in a research report on Monday, January 13th. Finally, Craig Hallum lifted their price objective on Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th.

Hut 8 Price Performance

Shares of HUT opened at $19.53 on Friday. The stock’s 50-day moving average price is $23.08 and its 200 day moving average price is $18.44. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. Hut 8 has a 12-month low of $6.77 and a 12-month high of $31.95.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Neo Ivy Capital Management bought a new stake in Hut 8 during the 4th quarter worth approximately $252,000. Two Seas Capital LP boosted its stake in Hut 8 by 132.7% in the fourth quarter. Two Seas Capital LP now owns 476,808 shares of the company’s stock worth $9,770,000 after purchasing an additional 271,892 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Hut 8 by 25.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 167,469 shares of the company’s stock worth $3,431,000 after purchasing an additional 33,713 shares during the last quarter. Voloridge Investment Management LLC acquired a new stake in shares of Hut 8 in the fourth quarter valued at $24,170,000. Finally, Vennlight Capital Management LP bought a new position in shares of Hut 8 in the fourth quarter valued at about $2,414,000. Institutional investors own 31.75% of the company’s stock.

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.