Hut 8 Corp. (NASDAQ:HUT) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Hut 8 Corp. (NASDAQ:HUT) have earned a consensus rating of “Hold” from the five analysts that are covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $12.40.

A number of research analysts recently weighed in on HUT shares. HC Wainwright raised their target price on shares of Hut 8 from $7.00 to $9.00 and gave the company a “sell” rating in a report on Thursday, March 28th. Benchmark started coverage on shares of Hut 8 in a report on Monday. They issued a “buy” rating and a $12.00 target price for the company. Canaccord Genuity Group cut their target price on shares of Hut 8 from $17.50 to $14.00 and set a “buy” rating for the company in a report on Friday, April 5th. Craig Hallum raised their target price on shares of Hut 8 from $10.00 to $12.00 and gave the company a “hold” rating in a report on Monday, April 1st. Finally, Needham & Company LLC reissued a “buy” rating and issued a $12.00 target price on shares of Hut 8 in a report on Monday, April 1st.

Hut 8 Trading Up 2.2 %

Hut 8 stock opened at $8.05 on Monday. The stock has a market cap of $718.38 million, a P/E ratio of -2.93 and a beta of 3.91. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.61 and a quick ratio of 4.61. Hut 8 has a 1 year low of $6.18 and a 1 year high of $22.75. The firm’s 50 day moving average price is $8.70 and its 200-day moving average price is $7.28.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Quantbot Technologies LP purchased a new position in Hut 8 during the first quarter worth $28,000. Citigroup Inc. boosted its stake in Hut 8 by 1,045.6% during the first quarter. Citigroup Inc. now owns 8,592 shares of the company’s stock worth $47,000 after buying an additional 7,842 shares during the period. D.A. Davidson & CO. purchased a new position in Hut 8 during the first quarter worth $59,000. Vontobel Holding Ltd. purchased a new position in Hut 8 during the first quarter worth $74,000. Finally, Golden Green Inc. purchased a new position in Hut 8 during the third quarter worth $29,000. 31.75% of the stock is owned by hedge funds and other institutional investors.

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.