Hut 8 Corp. (NASDAQ:HUT) Receives $12.40 Average Target Price from Brokerages

Hut 8 Corp. (NASDAQ:HUT) has earned an average recommendation of “Moderate Buy” from the six analysts that are currently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and four have given a buy recommendation to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $12.33.

A number of equities research analysts have recently commented on HUT shares. Needham & Company LLC reiterated a “buy” rating and set a $12.00 target price on shares of Hut 8 in a research note on Monday, April 1st. Craig Hallum lifted their target price on Hut 8 from $10.00 to $12.00 and gave the stock a “hold” rating in a research note on Monday, April 1st. Stifel Nicolaus lifted their price objective on Hut 8 from $3.25 to $15.00 and gave the stock a “speculative buy” rating in a report on Monday, January 8th. Benchmark began coverage on Hut 8 in a report on Monday, April 22nd. They issued a “buy” rating and a $12.00 price objective for the company. Finally, HC Wainwright lifted their price objective on Hut 8 from $7.00 to $9.00 and gave the stock a “sell” rating in a report on Thursday, March 28th.

Hut 8 Trading Down 0.6 %

NASDAQ HUT opened at $8.81 on Monday. The stock has a market capitalization of $786.20 million, a price-to-earnings ratio of -3.20 and a beta of 3.91. Hut 8 has a one year low of $6.18 and a one year high of $22.75. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.61 and a quick ratio of 4.61. The business’s fifty day moving average is $8.65 and its 200-day moving average is $7.45.

Institutional Investors Weigh In On Hut 8

Several large investors have recently added to or reduced their stakes in HUT. Golden Green Inc. purchased a new position in Hut 8 during the 3rd quarter valued at about $29,000. Private Advisor Group LLC grew its holdings in Hut 8 by 54.7% during the 3rd quarter. Private Advisor Group LLC now owns 18,095 shares of the company’s stock valued at $35,000 after buying an additional 6,400 shares in the last quarter. QCM Cayman Ltd. purchased a new position in Hut 8 during the 3rd quarter valued at about $60,000. Global Retirement Partners LLC grew its holdings in Hut 8 by 280.1% during the 1st quarter. Global Retirement Partners LLC now owns 5,428 shares of the company’s stock valued at $60,000 after buying an additional 4,000 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new position in Hut 8 during the 3rd quarter valued at about $73,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

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.