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

Shares of Hut 8 Corp. (NASDAQ:HUT) have received a consensus recommendation of “Buy” from the fourteen analysts that are presently covering the stock, MarketBeat reports. Thirteen analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $27.08.

A number of research firms have recently issued reports on HUT. UBS Group set a $33.00 price target on shares of Hut 8 in a research note on Wednesday, April 2nd. Rosenblatt Securities initiated coverage on Hut 8 in a research note on Friday, March 7th. They set a “buy” rating and a $23.00 price target on the stock. Benchmark dropped their price objective on Hut 8 from $41.00 to $33.00 and set a “buy” rating for the company in a research note on Wednesday, April 2nd. Northland Securities initiated coverage on Hut 8 in a report on Monday, April 21st. They set an “outperform” rating and a $20.00 target price for the company. Finally, HC Wainwright dropped their target price on Hut 8 from $35.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th.

Insiders Place Their Bets

In related news, insider Victor Semah sold 11,363 shares of the business’s stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $12.95, for a total transaction of $147,150.85. Following the transaction, the insider now directly owns 15,738 shares of the company’s stock, valued at approximately $203,807.10. The trade was a 41.93 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 12.00% of the stock is currently owned by insiders.

Institutional Trading of Hut 8

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Jericho Capital Asset Management L.P. bought a new stake in Hut 8 during the fourth quarter valued at $37,400,000. D. E. Shaw & Co. Inc. acquired a new position in shares of Hut 8 in the 4th quarter valued at about $27,115,000. Voloridge Investment Management LLC bought a new stake in shares of Hut 8 during the 4th quarter valued at about $24,170,000. Arrowstreet Capital Limited Partnership acquired a new stake in Hut 8 during the fourth quarter worth about $23,009,000. Finally, Invesco Ltd. lifted its holdings in Hut 8 by 1,408.8% in the fourth quarter. Invesco Ltd. now owns 936,650 shares of the company’s stock worth $19,192,000 after acquiring an additional 874,572 shares during the last quarter. Institutional investors own 31.75% of the company’s stock.

Hut 8 Price Performance

HUT opened at $12.77 on Friday. The business’s 50 day moving average price is $12.53 and its 200 day moving average price is $18.98. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. Hut 8 has a one year low of $7.67 and a one year 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.