Brokerages Set Hut 8 Corp. (NASDAQ:HUT) PT at $31.88

Hut 8 Corp. (NASDAQ:HUT) has been assigned a consensus recommendation of “Buy” from the eight research firms that are covering the stock, Marketbeat.com reports. Eight equities research analysts have rated the stock with a buy rating. The average 1 year price objective among analysts that have covered the stock in the last year is $31.88.

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

Hut 8 Stock Performance

HUT opened at $24.16 on Friday. 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 stock has a fifty day moving average of $23.63 and a 200-day moving average of $16.84. Hut 8 has a fifty-two week low of $6.18 and a fifty-two week high of $31.95.

Hedge Funds Weigh In On Hut 8

Several institutional investors and hedge funds have recently added to or reduced their stakes in HUT. Foundations Investment Advisors LLC lifted its stake in shares of Hut 8 by 2.0% in the 2nd quarter. Foundations Investment Advisors LLC now owns 48,728 shares of the company’s stock valued at $730,000 after acquiring an additional 949 shares during the last quarter. AM Investment Strategies LLC boosted its stake in shares of Hut 8 by 3.6% during the third quarter. AM Investment Strategies LLC now owns 44,000 shares of the company’s stock valued at $539,000 after purchasing an additional 1,521 shares in the last quarter. Amalgamated Bank bought a new stake in shares of Hut 8 during the second quarter worth about $42,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Hut 8 by 27.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,223 shares of the company’s stock valued at $213,000 after buying an additional 3,105 shares during the period. Finally, Capital Performance Advisors LLP bought a new position in Hut 8 in the 3rd quarter valued at approximately $40,000. 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.