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

Shares of Hut 8 Corp. (NASDAQ:HUT - Get Free Report) have been given a consensus rating of "Moderate Buy" by the six analysts that are covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $12.33.

Several research analysts have weighed in on the company. Canaccord Genuity Group lowered their price target on Hut 8 from $17.50 to $14.00 and set a "buy" rating on the stock in a research report on Friday, April 5th. Needham & Company LLC reaffirmed a "buy" rating and set a $12.00 price target on shares of Hut 8 in a research report on Monday, April 1st. Benchmark started coverage on Hut 8 in a research report on Monday. They set a "buy" rating and a $12.00 price target on the stock. HC Wainwright boosted their target price on Hut 8 from $7.00 to $9.00 and gave the stock a "sell" rating in a report on Thursday, March 28th. Finally, Craig Hallum boosted their target price on Hut 8 from $10.00 to $12.00 and gave the stock a "hold" rating in a report on Monday, April 1st.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Golden Green Inc. bought a new stake in shares of Hut 8 during the 3rd quarter worth $29,000. Private Advisor Group LLC lifted its position in shares of Hut 8 by 54.7% during the 3rd quarter. Private Advisor Group LLC now owns 18,095 shares of the company's stock worth $35,000 after buying an additional 6,400 shares during the last quarter. QCM Cayman Ltd. bought a new stake in shares of Hut 8 during the 3rd quarter worth $60,000. Headlands Technologies LLC bought a new stake in shares of Hut 8 during the 3rd quarter worth $73,000. Finally, Vontobel Holding Ltd. lifted its position in shares of Hut 8 by 274.6% during the 3rd quarter. Vontobel Holding Ltd. now owns 50,476 shares of the company's stock worth $99,000 after buying an additional 37,000 shares during the last quarter. 31.75% of the stock is owned by institutional investors and hedge funds.

Hut 8 Stock Up 14.5 %

NASDAQ HUT traded up $1.17 during trading on Monday, hitting $9.22. The stock had a trading volume of 4,171,921 shares, compared to its average volume of 5,195,888. The company has a market capitalization of $822.79 million, a PE ratio of -3.23 and a beta of 3.91. The company's 50-day moving average price is $8.70 and its two-hundred day moving average price is $7.28. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.61 and a current ratio of 4.61. Hut 8 has a 12 month low of $6.18 and a 12 month high of $22.75.

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.