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

Shares of Hut 8 Corp. (NASDAQ:HUT) have earned an average rating of “Buy” from the nine analysts that are covering the company, MarketBeat reports. Nine investment analysts have rated the stock with a buy recommendation. The average 1-year price objective among brokers that have covered the stock in the last year is $33.00.

Several equities analysts recently weighed in on the stock. Benchmark restated a “buy” rating and set a $41.00 target price on shares of Hut 8 in a report on Tuesday, January 7th. Craig Hallum boosted their price objective on Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Keefe, Bruyette & Woods began coverage on Hut 8 in a research note on Wednesday, January 8th. They issued an “outperform” rating for the company. Cantor Fitzgerald reissued an “overweight” rating and set a $35.00 price target on shares of Hut 8 in a research report on Tuesday, January 7th. Finally, Stifel Nicolaus increased their price objective 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.

Hut 8 Stock Down 0.9 %

Shares of HUT stock 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. Hut 8 has a fifty-two week low of $6.34 and a fifty-two week high of $31.95. The firm’s 50 day moving average price is $25.08 and its two-hundred day moving average price is $18.04.

Institutional Inflows and Outflows

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

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.