Hut 8 Corp. (NASDAQ:HUT) Receives $33.00 Average Target Price from Brokerages

Hut 8 Corp. (NASDAQ:HUT) has gained significant attention from analysts, receiving an average recommendation of "Buy" from nine brokerages that cover the stock, according to MarketBeat. These analysts have collectively rated Hut 8 with a buy recommendation, reflecting positive sentiment towards the company's future.

The average 12-month target price set by these analysts is $33.00, indicating confidence in the stock's potential growth. Recently, a number of research firms have shared their insights regarding Hut 8's prospects. For instance, Piper Sandler started covering Hut 8 on December 17th and assigned an "overweight" rating along with a price target of $33.00. Similarly, Cantor Fitzgerald reaffirmed their "overweight" rating and provided a price target of $35.00 in a report released on January 7th.

Moreover, Craig Hallum raised their price target on Hut 8 from $15.00 to $32.00 while maintaining a "buy" recommendation in their report dated November 14th. On the same day, HC Wainwright also increased their price objective from $26.00 to $35.00, again with a "buy" rating. Canaccord Genuity Group followed suit, lifting their target price for Hut 8 from $22.00 to $32.00, also giving it a "buy" rating.

Institutional Investment Activity

Alongside broker recommendations, there has been notable activity from institutional investors regarding Hut 8 Corp. Several hedge funds and institutional investors have recently adjusted their stakes in the company. JAT Capital Management LP made headlines by acquiring a new position valued at approximately $32,260,000 in the third quarter. Similarly, Connor Clark & Lunn Investment Management Ltd. entered a new position valued at about $9,997,000 during the same period.

Additionally, Geode Capital Management LLC expanded its ownership in Hut 8 by 21.1% during the third quarter, now holding 2,193,900 shares worth $26,902,000 after purchasing 381,720 additional shares. State Street Corp also increased its position by 12.6%, now owning 2,740,769 shares valued at $33,602,000 after a purchase of 307,292 shares. Another significant move was made by Walleye Capital LLC, which boosted its stake by an impressive 179.7%, now owning 405,780 shares valued at $4,975,000.

Overall, institutional investors and hedge funds own 31.75% of Hut 8's stock, showcasing growing confidence in the company's future and performance.

Current Stock Performance

As of Wednesday, NASDAQ:HUT opened at $26.04, reflecting a 2.4% increase. The stock has shown considerable volatility over the past year, with a 12-month low of $6.23 and a high of $31.95. Hut 8 maintains a debt-to-equity ratio of 0.35, alongside a quick ratio and current ratio both standing at 1.00. The 50-day moving average for the stock is recorded at $25.30, while the two-hundred day moving average is $17.95, which indicates a positive trend in its share price.

About Hut 8 Corp.

Hut 8 Corp. operates in the digital assets space and specializes in acquiring, building, managing, and operating data centers focused on digital asset mining, computing, and artificial intelligence in the United States. The company works across four main segments: Digital Assets Mining, Managed Services, High-Performance Computing Colocation and Cloud, and Other.

Hut8, Stocks, Brokerage