Analysts Set Hut 8 Corp. (NASDAQ:HUT) PT at $27.08

Shares of Hut 8 Corp. (NASDAQ:HUT - Get Free Report) have received an average recommendation of "Buy" from the fourteen brokerages that are covering the company, MarketBeat.com reports. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $27.08.

Several research firms have weighed in on HUT. Rosenblatt Securities assumed coverage on Hut 8 in a research report on Friday, March 7th. They set a "buy" rating and a $23.00 price target on the stock. Northland Capmk raised Hut 8 to a "strong-buy" rating in a report on Monday, April 21st. Keefe, Bruyette & Woods assumed coverage on Hut 8 in a research note on Wednesday, January 8th. They issued an "outperform" rating for the company. Canaccord Genuity Group reaffirmed a "buy" rating and set a $32.00 price objective on shares of Hut 8 in a research report on Tuesday, March 4th. Finally, Benchmark reduced their target price on Hut 8 from $41.00 to $33.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd.

Hut 8 Stock Down 0.8 %

Hut 8 stock traded down $0.10 during mid-day trading on Friday, reaching $12.66. The company's stock had a trading volume of 5,084,454 shares, compared to its average volume of 5,492,753. The business's 50 day simple moving average is $12.49 and its 200 day simple moving average is $18.93. 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 12 month low of $7.67 and a 12 month high of $31.95.

Insider Transactions at Hut 8

In related news, insider Victor Semah sold 11,363 shares of the company's stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $12.95, for a total transaction of $147,150.85. Following the sale, the insider now owns 15,738 shares in the company, valued at $203,807.10. This represents a 41.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 12.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Hut 8

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