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

Shares of Hut 8 Corp. (NASDAQ:HUT) have earned a consensus recommendation of “Buy” from the nine brokerages that are presently covering the stock, Marketbeat Ratings reports. Nine analysts have rated the stock with a buy recommendation. The average 1 year price target among analysts that have issued a report on the stock in the last year is $33.00.

Several research firms have issued reports on HUT. Keefe, Bruyette & Woods began coverage on shares of Hut 8 in a research report on Wednesday, January 8th. They issued an “outperform” rating for the company. Craig Hallum boosted their price objective on shares of Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. HC Wainwright boosted their price objective on shares of Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Stifel Nicolaus boosted 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. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $35.00 price objective on shares of Hut 8 in a research report on Tuesday, January 7th.

Institutional Investors Weigh In On Hut 8

Hedge funds have recently modified their holdings of the business. Nisa Investment Advisors LLC lifted its position in shares of 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 purchasing an additional 545 shares during the period. R Squared Ltd purchased a new stake in shares of Hut 8 in the 4th quarter worth approximately $26,000. Optiver Holding B.V. purchased a new stake in shares of Hut 8 in the 4th quarter worth approximately $35,000. Russell Investments Group Ltd. lifted its position in shares of Hut 8 by 832.4% in the 4th quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company’s stock worth $42,000 after purchasing an additional 1,823 shares during the period. Finally, Principal Securities Inc. purchased a new stake in shares of Hut 8 in the 4th quarter worth approximately $45,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Hut 8 Stock Down 8.2 %

Shares of NASDAQ:HUT opened at $17.93 on Friday. Hut 8 has a 12 month low of $6.77 and a 12 month high of $31.95. The firm’s 50-day moving average is $22.89 and its 200 day moving average is $18.53. 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 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.