Hut 8 Corp. (NASDAQ:HUT) Receives $33.00 Average Target Price from Analysts

Shares of Hut 8 Corp. (NASDAQ:HUT - Get Free Report) have been assigned an average recommendation of "Buy" from the nine analysts that are presently covering the stock, MarketBeat.com reports. Nine equities research analysts have rated the stock with a buy recommendation. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $33.00.

A number of equities research analysts have recently commented on HUT shares. HC Wainwright upped their target price on shares of Hut 8 from $26.00 to $35.00 and gave the company a "buy" rating in a report on Thursday, November 14th. 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 for the company. Benchmark reiterated a "buy" rating and issued a $41.00 target price on shares of Hut 8 in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods assumed coverage on Hut 8 in a research note on Wednesday, January 8th. They set an "outperform" rating for the company. Finally, Craig Hallum lifted 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.

Institutional Investors Weigh In On Hut 8

Several institutional investors have recently made changes to their positions in HUT. Nisa Investment Advisors LLC lifted its stake in shares of Hut 8 by 77.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company's stock valued at $26,000 after purchasing an additional 545 shares during the period. Summit Investment Advisors Inc. increased its holdings in Hut 8 by 7.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 8,475 shares of the company's stock valued at $174,000 after buying an additional 618 shares in the last quarter. Arizona State Retirement System lifted its position in shares of Hut 8 by 2.8% during the 4th quarter. Arizona State Retirement System now owns 23,764 shares of the company's stock valued at $487,000 after acquiring an additional 637 shares during the period. Foundations Investment Advisors LLC boosted its stake in shares of Hut 8 by 1.9% during the 4th quarter. Foundations Investment Advisors LLC now owns 50,687 shares of the company's stock worth $1,039,000 after acquiring an additional 932 shares in the last quarter. Finally, R Squared Ltd acquired a new stake in shares of Hut 8 in the 4th quarter worth approximately $26,000. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

Hut 8 Price Performance

HUT stock traded down $0.09 on Friday, hitting $19.70. The company's stock had a trading volume of 1,945,150 shares, compared to its average volume of 4,867,258. The firm has a 50 day moving average of $23.49 and a two-hundred day moving average of $18.38. 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 $6.77 and a 1 year high of $31.95.

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.