Hut 8 Corp. (NASDAQ:HUT) Receives $65.56 Average Price Target from Brokerages

Shares of Hut 8 Corp. (NASDAQ:HUT) have been assigned a consensus recommendation of “Moderate Buy” from the eighteen research firms that are covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, sixteen have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $69.7059.

Several analysts have issued reports on the stock. Wall Street Zen downgraded shares of Hut 8 from a “hold” rating to a “sell” rating in a research report on Saturday, February 28th. Rosenblatt Securities reissued a “buy” rating and set a $65.00 target price on shares of Hut 8 in a research report on Thursday, February 26th. HC Wainwright restated a “buy” rating and issued a $80.00 target price on shares of Hut 8 in a research note on Thursday, February 26th. Needham & Company LLC raised their price target on shares of Hut 8 from $60.00 to $66.00 and gave the company a “buy” rating in a report on Thursday, February 26th. Finally, Benchmark reaffirmed a “buy” rating on shares of Hut 8 in a research note on Wednesday, December 17th.

Hut 8 Trading Up 4.5%

HUT stock opened at $55.62 on Monday. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.12. The company has a market cap of $6.17 billion, a price-to-earnings ratio of -23.97 and a beta of 4.42. The business has a fifty day simple moving average of $54.01 and a 200-day simple moving average of $47.32. Hut 8 has a 52 week low of $10.04 and a 52 week high of $66.07.

Insider Transactions at Hut 8

In other news, insider Victor Semah sold 5,498 shares of Hut 8 stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $49.05, for a total transaction of $269,676.90. Following the sale, the insider directly owned 24,796 shares of the company’s stock, valued at approximately $1,216,243.80. The trade was a 18.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Sean Joseph Glennan sold 4,625 shares of the business’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $49.05, for a total value of $226,856.25. Following the completion of the transaction, the chief financial officer owned 12,068 shares in the company, valued at approximately $591,935.40. This trade represents a 27.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 11.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Hut 8

A number of institutional investors have recently made changes to their positions in HUT. Nisa Investment Advisors LLC boosted its stake in shares of Hut 8 by 1.6% during the 4th quarter. Nisa Investment Advisors LLC now owns 15,969 shares of the company’s stock valued at $734,000 after buying an additional 254 shares during the last quarter. CWM LLC increased its stake in shares of Hut 8 by 37.4% in the fourth quarter. CWM LLC now owns 1,106 shares of the company’s stock worth $51,000 after buying an additional 301 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Hut 8 by 3.5% in the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 9,500 shares of the company’s stock valued at $331,000 after acquiring an additional 321 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Hut 8 by 1.7% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,685 shares of the company’s stock valued at $996,000 after acquiring an additional 362 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC boosted its stake in Hut 8 by 4.5% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 8,992 shares of the company’s stock valued at $413,000 after acquiring an additional 388 shares during the last quarter. 31.75% of the stock is owned by institutional investors and hedge funds.

Hut 8 Company Profile

Hut 8 Corp., trading on the Nasdaq under the symbol HUT, is a North American digital infrastructure company specializing in cryptocurrency mining and high?performance computing. Founded in 2017 and headquartered in Toronto, Canada, Hut 8 operates purpose?built data centers that house fleets of specialized ASIC and GPU servers. Through its flagship mining facilities in Alberta and Ontario, the company leverages low?cost, low?carbon power sources—such as hydroelectric and natural gas—to support sustainable bitcoin production.