Analysts Set Hut 8 Corp. (NASDAQ:HUT) PT at $29.89

Hut 8 Corp. (NASDAQ:HUT) has earned an average recommendation of “Buy” from the ten research firms that are presently covering the company, MarketBeat Ratings reports. Ten analysts have rated the stock with a buy rating. The average 1 year price target among analysts that have covered the stock in the last year is $29.89.

Several brokerages recently commented on HUT. Needham & Company LLC reaffirmed a “buy” rating and issued a $30.00 target price on shares of Hut 8 in a research note on Tuesday, March 4th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price target on shares of Hut 8 in a report on Friday, March 7th. Canaccord Genuity Group reiterated a “buy” rating and issued a $32.00 price target on shares of Hut 8 in a report on Tuesday, March 4th. Keefe, Bruyette & Woods began coverage on shares of Hut 8 in a report on Wednesday, January 8th. They issued an “outperform” rating on the stock. Finally, Benchmark reiterated a “buy” rating and issued a $41.00 price target on shares of Hut 8 in a report on Tuesday, January 7th.

Hedge Funds Weigh In On Hut 8

Hedge funds have recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Hut 8 in the 3rd quarter worth about $9,997,000. Paloma Partners Management Co purchased a new position in Hut 8 in the 3rd quarter worth about $834,000. State Street Corp raised its position in Hut 8 by 12.6% in the 3rd quarter. State Street Corp now owns 2,740,769 shares of the company’s stock worth $33,602,000 after buying an additional 307,292 shares during the last quarter. MetLife Investment Management LLC raised its position in Hut 8 by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 46,719 shares of the company’s stock worth $573,000 after buying an additional 26,324 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Hut 8 by 21.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock worth $26,902,000 after buying an additional 381,720 shares during the last quarter. Institutional investors own 31.75% of the company’s stock.

Hut 8 Stock Up 2.6 %

Shares of NASDAQ HUT opened at $12.95 on Thursday. 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 one year low of $6.95 and a one year high of $31.95. The firm’s 50 day simple moving average is $19.58 and its two-hundred day simple moving average is $18.82.

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.