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

Hut 8 Corp. (NASDAQ:HUT) has been given a consensus rating of “Buy” by the ten research firms that are presently covering the firm, Marketbeat Ratings reports. Ten investment analysts have rated the stock with a buy rating. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $29.89.

HUT has been the subject of several research reports. 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. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price objective on shares of Hut 8 in a research report on Friday, March 7th. Needham & Company LLC restated a “buy” rating and set a $30.00 price objective on shares of Hut 8 in a research report on Tuesday, March 4th. Rosenblatt Securities initiated coverage on Hut 8 in a research report on Friday, March 7th. They issued a “buy” rating and a $23.00 target price for the company. Finally, HC Wainwright lowered their price target on shares of Hut 8 from $35.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Neo Ivy Capital Management acquired a new stake in shares of Hut 8 during the 4th quarter worth about $252,000. Two Seas Capital LP lifted its position in shares of Hut 8 by 132.7% during the fourth quarter. Two Seas Capital LP now owns 476,808 shares of the company’s stock worth $9,770,000 after purchasing an additional 271,892 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Hut 8 by 25.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 167,469 shares of the company’s stock valued at $3,431,000 after purchasing an additional 33,713 shares during the last quarter. Voloridge Investment Management LLC acquired a new stake in shares of Hut 8 in the fourth quarter valued at approximately $24,170,000. Finally, Vennlight Capital Management LP bought a new position in Hut 8 in the 4th quarter worth approximately $2,414,000. 31.75% of the stock is owned by institutional investors.

Hut 8 Stock Up 7.1 %

Shares of Hut 8 stock opened at $12.93 on Thursday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a fifty day moving average price of $19.11 and a two-hundred day moving average price of $18.79. Hut 8 has a fifty-two week low of $6.95 and a fifty-two week high of $31.95.

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.