Shares of Hut 8 Corp. (NASDAQ:HUT - Get Free Report) have been given an average rating of "Buy" by the ten brokerages that are covering the stock, MarketBeat reports. Ten investment analysts have rated the stock with a buy rating. The average 1-year price objective among brokers that have covered the stock in the last year is $29.40.
Several equities research analysts have recently issued reports on HUT shares. Needham & Company LLC restated a "buy" rating and set a $30.00 price objective on shares of Hut 8 in a report on Tuesday, March 4th. Canaccord Genuity Group reissued a "buy" rating and issued a $32.00 price target on shares of Hut 8 in a research note on Tuesday, March 4th. UBS Group set a $33.00 price objective on shares of Hut 8 in a report on Wednesday, April 2nd. HC Wainwright lowered their target price on shares of Hut 8 from $35.00 to $30.00 and set a "buy" rating for the company in a report on Tuesday, March 4th. Finally, Keefe, Bruyette & Woods began coverage on shares of Hut 8 in a research note on Wednesday, January 8th. They set an "outperform" rating on the stock.
Read Our Latest Stock Report on Hut 8
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in the stock. Jericho Capital Asset Management L.P. purchased a new stake in shares of Hut 8 in the fourth quarter worth about $37,400,000. D. E. Shaw & Co. Inc. purchased a new position in Hut 8 in the 4th quarter worth approximately $27,115,000. Voloridge Investment Management LLC purchased a new position in Hut 8 in the 4th quarter worth approximately $24,170,000. Arrowstreet Capital Limited Partnership acquired a new stake in Hut 8 in the fourth quarter valued at approximately $23,009,000. Finally, Invesco Ltd. raised its stake in shares of Hut 8 by 1,408.8% during the fourth quarter. Invesco Ltd. now owns 936,650 shares of the company's stock valued at $19,192,000 after purchasing an additional 874,572 shares during the period. 31.75% of the stock is owned by hedge funds and other institutional investors.
Hut 8 Price Performance
NASDAQ HUT traded up $0.43 during mid-day trading on Monday, reaching $12.16. 5,150,913 shares of the stock were exchanged, compared to its average volume of 5,292,721. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. Hut 8 has a 1-year low of $6.95 and a 1-year high of $31.95. The business's fifty day simple moving average is $14.81 and its 200 day simple moving average is $18.95.
About Hut 8
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Get Free ReportHut 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.
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