Brokerages Set Hut 8 Corp. (NASDAQ:HUT) PT at $12.40

Hut 8 Corp. (NASDAQ:HUT) has been assigned a consensus recommendation of “Moderate Buy” from the six brokerages that are covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and four have assigned a buy recommendation to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $12.33.

Several equities research analysts have weighed in on HUT shares. HC Wainwright raised their price objective on shares of Hut 8 from $7.00 to $9.00 and gave the company a “sell” rating in a research report on Thursday, March 28th. Benchmark began coverage on shares of Hut 8 in a research report on Monday, April 22nd. They set a “buy” rating and a $12.00 price target for the company. Craig Hallum lifted their price target on shares of Hut 8 from $10.00 to $12.00 and gave the stock a “hold” rating in a research report on Monday, April 1st. Canaccord Genuity Group lowered their price target on shares of Hut 8 from $17.50 to $14.00 and set a “buy” rating for the company in a research report on Friday, April 5th. Finally, Stifel Nicolaus lifted their price target on shares of Hut 8 from $3.25 to $15.00 and gave the stock a “speculative buy” rating in a research report on Monday, January 8th.

Hut 8 Trading Down 0.6 %

Shares of HUT stock opened at $8.81 on Monday. Hut 8 has a 12-month low of $6.18 and a 12-month high of $22.75. The company has a market capitalization of $786.20 million, a P/E ratio of -3.20 and a beta of 3.91. The firm has a 50-day moving average price of $8.65 and a 200 day moving average price of $7.45. The company has a quick ratio of 4.61, a current ratio of 4.61 and a debt-to-equity ratio of 0.04.

Institutional Trading of Hut 8

A number of institutional investors have recently made changes to their positions in HUT. Qube Research & Technologies Ltd bought a new stake in shares of Hut 8 in the third quarter worth $3,429,000. Wellington Management Group LLP increased its holdings in Hut 8 by 203.4% during the third quarter. Wellington Management Group LLP now owns 1,125,958 shares of the company’s stock worth $2,224,000 after buying an additional 754,891 shares during the last quarter. Westend Capital Management LLC acquired a new position in Hut 8 during the first quarter worth $5,190,000. Van ECK Associates Corp increased its holdings in Hut 8 by 15.7% during the third quarter. Van ECK Associates Corp now owns 2,198,471 shares of the company’s stock worth $4,287,000 after buying an additional 297,552 shares during the last quarter. Finally, SteelPeak Wealth LLC acquired a new position in Hut 8 during the third quarter worth $393,000. Institutional investors own 31.75% of the company’s stock.

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.