Analysts Set Hut 8 Corp. (NASDAQ:HUT) Price Target at $33.00

Shares of Hut 8 Corp. (NASDAQ:HUT) have received a consensus rating of “Buy” from the nine brokerages that are presently covering the firm, MarketBeat Ratings reports. Nine analysts have rated the stock with a buy rating. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $33.00.

HUT has been the subject of several recent analyst reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $35.00 price target on shares of Hut 8 in a research note on Tuesday, January 7th. Piper Sandler assumed coverage on shares of Hut 8 in a research note on Tuesday, December 17th. They set an “overweight” rating and a $33.00 target price on the stock. Stifel Nicolaus upped their price target on shares of Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a research note on Wednesday, October 30th. Canaccord Genuity Group raised their price objective on shares of Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Finally, Needham & Company LLC restated a “buy” rating and issued a $38.00 target price on shares of Hut 8 in a research report on Monday, January 13th.

Institutional Investors Weigh In On Hut 8

Large investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC grew its holdings in shares of Hut 8 by 77.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock valued at $26,000 after acquiring an additional 545 shares in the last quarter. R Squared Ltd purchased a new position in Hut 8 in the fourth quarter valued at about $26,000. Capital Performance Advisors LLP purchased a new stake in shares of Hut 8 during the 3rd quarter worth about $40,000. Amalgamated Bank acquired a new stake in shares of Hut 8 during the 2nd quarter valued at about $42,000. Finally, KBC Group NV bought a new stake in shares of Hut 8 in the 4th quarter valued at approximately $69,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

Hut 8 Price Performance

Shares of HUT stock opened at $26.04 on Wednesday. Hut 8 has a 12-month low of $6.23 and a 12-month high of $31.95. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. The business has a 50 day simple moving average of $25.30 and a 200 day simple moving average of $17.95.

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.