Brokerages Set Hut 8 Corp. (NASDAQ:HUT) PT at $48.80

Hut 8 Corp. (NASDAQ:HUT) has received an average recommendation of “Buy” from the eighteen research firms that are covering the stock, MarketBeat reports. One analyst has rated the stock with a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $48.80.

A number of analysts have commented on HUT shares. Northland Securities set a $58.00 price objective on Hut 8 in a research report on Wednesday, November 5th. Wall Street Zen upgraded Hut 8 from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Piper Sandler set a $74.00 target price on Hut 8 and gave the stock an “overweight” rating in a research report on Monday, October 20th. Citigroup reiterated an “outperform” rating on shares of Hut 8 in a research note on Tuesday, October 21st. Finally, BTIG Research restated a “buy” rating and issued a $55.00 price objective on shares of Hut 8 in a research note on Wednesday.

Hut 8 Price Performance

Shares of Hut 8 stock opened at $40.16 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.72 and a quick ratio of 0.72. The company has a market cap of $4.34 billion, a PE ratio of -102.97 and a beta of 4.41. The firm has a fifty day moving average price of $43.82 and a two-hundred day moving average price of $31.30. Hut 8 has a fifty-two week low of $10.04 and a fifty-two week high of $57.29.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings data on Tuesday, November 4th. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.09. Hut 8 had a net margin of 115.39% and a return on equity of 8.06%. The business had revenue of $80.72 million during the quarter, compared to analyst estimates of $64.70 million. Analysts expect that Hut 8 will post -0.53 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HUT. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Hut 8 by 3.5% in the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 9,500 shares of the company’s stock valued at $331,000 after buying an additional 321 shares during the last quarter. Arizona State Retirement System raised its position in shares of Hut 8 by 1.9% during the third quarter. Arizona State Retirement System now owns 29,290 shares of the company’s stock worth $1,020,000 after acquiring an additional 542 shares during the last quarter. Advisors Asset Management Inc. lifted its stake in shares of Hut 8 by 68.4% during the second quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company’s stock valued at $30,000 after acquiring an additional 655 shares during the period. Main Management ETF Advisors LLC boosted its holdings in Hut 8 by 1.7% in the second quarter. Main Management ETF Advisors LLC now owns 44,713 shares of the company’s stock valued at $832,000 after acquiring an additional 732 shares during the last quarter. Finally, Intech Investment Management LLC boosted its holdings in Hut 8 by 1.1% in the second quarter. Intech Investment Management LLC now owns 66,957 shares of the company’s stock valued at $1,245,000 after acquiring an additional 734 shares during the last quarter. Institutional investors own 31.75% of the company’s stock.

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.