Hut 8 Corp. (NASDAQ:HUT) Receives Average Recommendation of "Buy" from Analysts

Shares of Hut 8 Corp. (NASDAQ:HUT - Get Free Report) have been given a consensus rating of "Buy" by the nine analysts that are currently covering the stock, MarketBeat Ratings reports. Nine research analysts have rated the stock with a buy rating. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $33.00.

Several brokerages have recently weighed in on HUT. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $35.00 target price on shares of Hut 8 in a research report on Tuesday, January 7th. Needham & Company LLC restated a "buy" rating and set a $38.00 price objective on shares of Hut 8 in a research note on Monday, January 13th. Piper Sandler started coverage on Hut 8 in a research note on Tuesday, December 17th. They set an "overweight" rating and a $33.00 price objective on the stock. HC Wainwright increased their price target on Hut 8 from $26.00 to $35.00 and gave the stock a "buy" rating in a research report on Thursday, November 14th. Finally, Craig Hallum increased their price target on Hut 8 from $15.00 to $32.00 and gave the stock a "buy" rating in a research report on Thursday, November 14th.

Hut 8 Stock Down 8.2 %

HUT stock traded down $1.60 during trading on Friday, reaching $17.93. 6,365,020 shares of the stock traded hands, compared to its average volume of 4,866,381. The business's 50 day moving average price is $23.08 and its 200-day moving average price is $18.44. Hut 8 has a 52-week low of $6.77 and a 52-week 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.

Hedge Funds Weigh In On Hut 8

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Neo Ivy Capital Management bought a new position in Hut 8 during the 4th quarter valued at $252,000. Two Seas Capital LP boosted its stake in shares of Hut 8 by 132.7% during the 4th quarter. Two Seas Capital LP now owns 476,808 shares of the company's stock worth $9,770,000 after acquiring an additional 271,892 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Hut 8 by 25.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 167,469 shares of the company's stock worth $3,431,000 after acquiring an additional 33,713 shares in the last quarter. Voloridge Investment Management LLC bought a new stake in shares of Hut 8 during the 4th quarter worth $24,170,000. Finally, Vennlight Capital Management LP bought a new stake in shares of Hut 8 during the 4th quarter worth $2,414,000. 31.75% of the stock is 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.