Hut 8 Corp. (NASDAQ:HUT) Receives $29.00 Consensus Target Price from Brokerages

Shares of Hut 8 Corp. (NASDAQ:HUT - Get Free Report) have been given an average rating of "Buy" by the ten brokerages that are covering the stock, MarketBeat reports. Ten investment analysts have rated the stock with a buy rating. The average 1-year price objective among brokers that have covered the stock in the last year is $29.40.

Several equities research analysts have recently issued reports on HUT shares. Needham & Company LLC restated a "buy" rating and set a $30.00 price objective on shares of Hut 8 in a report on Tuesday, March 4th. Canaccord Genuity Group reissued a "buy" rating and issued a $32.00 price target on shares of Hut 8 in a research note on Tuesday, March 4th. UBS Group set a $33.00 price objective on shares of Hut 8 in a report on Wednesday, April 2nd. HC Wainwright lowered their target price on shares of Hut 8 from $35.00 to $30.00 and set a "buy" rating for the company in a report on Tuesday, March 4th. Finally, Keefe, Bruyette & Woods began coverage on shares of Hut 8 in a research note on Wednesday, January 8th. They set an "outperform" rating on the stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Jericho Capital Asset Management L.P. purchased a new stake in shares of Hut 8 in the fourth quarter worth about $37,400,000. D. E. Shaw & Co. Inc. purchased a new position in Hut 8 in the 4th quarter worth approximately $27,115,000. Voloridge Investment Management LLC purchased a new position in Hut 8 in the 4th quarter worth approximately $24,170,000. Arrowstreet Capital Limited Partnership acquired a new stake in Hut 8 in the fourth quarter valued at approximately $23,009,000. Finally, Invesco Ltd. raised its stake in shares of Hut 8 by 1,408.8% during the fourth quarter. Invesco Ltd. now owns 936,650 shares of the company's stock valued at $19,192,000 after purchasing an additional 874,572 shares during the period. 31.75% of the stock is owned by hedge funds and other institutional investors.

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Hut 8 Price Performance

NASDAQ HUT traded up $0.43 during mid-day trading on Monday, reaching $12.16. 5,150,913 shares of the stock were exchanged, compared to its average volume of 5,292,721. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. Hut 8 has a 1-year low of $6.95 and a 1-year high of $31.95. The business's fifty day simple moving average is $14.81 and its 200 day simple moving average is $18.95.

About Hut 8

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.