Hut 8 Corp. (NASDAQ:HUT) Receives $12.40 Consensus Target Price from Analysts

Shares of Hut 8 Corp. (NASDAQ:HUT) have earned a consensus recommendation of “Moderate Buy” from the six research firms that are currently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and four have issued a buy recommendation on the company. The average 1-year price objective among brokers that have covered the stock in the last year is $12.33.

HUT has been the subject of a number of research analyst reports. Canaccord Genuity Group decreased their target price on Hut 8 from $17.50 to $14.00 and set a “buy” rating for the company in a research report on Friday, April 5th. Stifel Nicolaus boosted their target price on Hut 8 from $3.25 to $15.00 and gave the company a “speculative buy” rating in a research report on Monday, January 8th. Craig Hallum boosted their target price on Hut 8 from $10.00 to $12.00 and gave the company a “hold” rating in a research report on Monday, April 1st. Benchmark initiated coverage on Hut 8 in a research report on Monday. They issued a “buy” rating and a $12.00 target price for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $12.00 target price on shares of Hut 8 in a research report on Monday, April 1st.

Hut 8 Stock Performance

Shares of Hut 8 stock opened at $8.98 on Monday. Hut 8 has a one year low of $6.18 and a one year high of $22.75. The firm has a market capitalization of $801.38 million, a price-to-earnings ratio of -3.27 and a beta of 3.91. The business has a 50-day simple moving average of $8.70 and a 200 day simple moving average of $7.40. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.61 and a quick ratio of 4.61.

Institutional Trading of Hut 8

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vontobel Holding Ltd. grew its holdings in Hut 8 by 274.6% during the third quarter. Vontobel Holding Ltd. now owns 50,476 shares of the company’s stock valued at $99,000 after purchasing an additional 37,000 shares during the period. Mackenzie Financial Corp grew its stake in shares of Hut 8 by 7.3% during the third quarter. Mackenzie Financial Corp now owns 91,752 shares of the company’s stock valued at $168,000 after buying an additional 6,225 shares during the last quarter. TD Asset Management Inc grew its stake in shares of Hut 8 by 2.7% during the third quarter. TD Asset Management Inc now owns 203,130 shares of the company’s stock valued at $401,000 after buying an additional 5,373 shares during the last quarter. GSG Advisors LLC bought a new stake in shares of Hut 8 in the third quarter worth about $273,000. Finally, QCM Cayman Ltd. bought a new stake in shares of Hut 8 in the third quarter worth about $60,000. 31.75% of the stock is owned by institutional investors.

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.