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

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) has received an average rating of "Buy" from the ten research firms that are presently covering the firm, MarketBeat reports. Ten research analysts have rated the stock with a buy recommendation. The average 12-month target price among analysts that have covered the stock in the last year is $29.89.

Several analysts recently issued reports on the company. Benchmark reissued a "buy" rating and issued a $41.00 target price on shares of Hut 8 in a research note on Tuesday, January 7th. HC Wainwright cut their target price on Hut 8 from $35.00 to $30.00 and set a "buy" rating on the stock in a research note on Tuesday, March 4th. Canaccord Genuity Group reiterated a "buy" rating and set a $32.00 target price on shares of Hut 8 in a report on Tuesday, March 4th. Cantor Fitzgerald reiterated an "overweight" rating and set a $30.00 target price on shares of Hut 8 in a report on Friday, March 7th. Finally, Craig Hallum upped their target price on Hut 8 from $15.00 to $32.00 and gave the stock a "buy" rating in a report on Thursday, November 14th.

Hut 8 Trading Up 2.3 %

HUT opened at $12.15 on Thursday. The business's 50-day moving average price is $20.28 and its 200-day moving average price is $18.73. 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 12 month low of $6.95 and a 12 month high of $31.95.

Institutional Trading of Hut 8

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of Hut 8 by 3.9% in the 4th quarter. Vanguard Group Inc. now owns 6,459,385 shares of the company's stock worth $132,352,000 after buying an additional 245,113 shares during the last quarter. State Street Corp lifted 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 valued at $33,602,000 after acquiring an additional 307,292 shares in the last quarter. JAT Capital Mgmt LP bought a new position in Hut 8 in the 3rd quarter valued at approximately $32,260,000. Geode Capital Management LLC lifted 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 valued at $26,902,000 after acquiring an additional 381,720 shares in the last quarter. Finally, Jericho Capital Asset Management L.P. bought a new position in Hut 8 in the 4th quarter valued at approximately $37,400,000. 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.

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