Hut 8 Corp. (NASDAQ:HUT) Given Consensus Recommendation of “Buy” by Brokerages

Hut 8 Corp. (NASDAQ:HUT) has been assigned a consensus rating of “Buy” from the eight brokerages that are presently covering the stock, MarketBeat.com reports. Eight investment analysts have rated the stock with a buy rating. The average 1-year target price among analysts that have issued a report on the stock in the last year is $31.88.

Several research firms recently issued reports on HUT. Cantor Fitzgerald assumed coverage on Hut 8 in a research report on Monday, December 9th. They set an “overweight” rating and a $35.00 price target on the stock. Benchmark increased their price objective on shares of Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. HC Wainwright raised their target price on Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Canaccord Genuity Group upped their target price on shares of Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, Stifel Nicolaus raised their price target on Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a report on Wednesday, October 30th.

Hut 8 Trading Down 4.7 %

Shares of NASDAQ HUT opened at $20.49 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. The stock’s 50 day moving average price is $23.31 and its two-hundred day moving average price is $16.72. Hut 8 has a 52-week low of $6.18 and a 52-week high of $31.95.

Institutional Trading of Hut 8

A number of hedge funds have recently made changes to their positions in the stock. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Hut 8 in the 3rd quarter valued at approximately $9,997,000. Paloma Partners Management Co bought a new stake in shares of Hut 8 in the 3rd quarter valued at approximately $834,000. State Street Corp increased its holdings in Hut 8 by 12.6% in the third quarter. State Street Corp now owns 2,740,769 shares of the company’s stock worth $33,602,000 after buying an additional 307,292 shares during the last quarter. MetLife Investment Management LLC raised its position in Hut 8 by 129.1% during the third quarter. MetLife Investment Management LLC now owns 46,719 shares of the company’s stock valued at $573,000 after acquiring an additional 26,324 shares in the last quarter. Finally, D1 Capital Partners L.P. acquired a new stake in Hut 8 in the second quarter valued at approximately $17,388,000. 31.75% of the stock is owned by hedge funds and other 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.