Hut 8 Corp. (NASDAQ:HUT) Receives $65.56 Average Price Target from Analysts
by Sarita Garza · The Markets DailyShares of Hut 8 Corp. (NASDAQ:HUT – Get Free Report) have received an average rating of “Moderate Buy” from the eighteen research firms that are presently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, sixteen have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among brokers that have covered the stock in the last year is $69.7059.
Several analysts have recently weighed in on HUT shares. Wall Street Zen downgraded Hut 8 from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. Craig Hallum reissued a “buy” rating and issued a $80.00 price target on shares of Hut 8 in a report on Thursday, December 18th. Arete Research started coverage on Hut 8 in a report on Monday, March 23rd. They set a “buy” rating and a $136.00 price objective on the stock. Rosenblatt Securities reiterated a “buy” rating and set a $65.00 target price on shares of Hut 8 in a research note on Thursday, February 26th. Finally, Benchmark reissued a “buy” rating on shares of Hut 8 in a research report on Wednesday, December 17th.
Read Our Latest Stock Report on Hut 8
Hut 8 Stock Performance
Hut 8 stock opened at $47.40 on Monday. Hut 8 has a 12-month low of $10.04 and a 12-month high of $66.07. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.09 and a quick ratio of 1.09. The company has a market capitalization of $5.26 billion, a price-to-earnings ratio of -20.43 and a beta of 4.42. The firm’s fifty day moving average price is $53.63 and its 200 day moving average price is $47.74.
Insiders Place Their Bets
In related news, 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 sale, the chief financial officer directly owned 12,068 shares of the company’s stock, valued at $591,935.40. The trade was a 27.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Victor Semah sold 5,498 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $49.05, for a total value of $269,676.90. Following the sale, the insider owned 24,796 shares in the company, valued at $1,216,243.80. The trade was a 18.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 11.20% of the company’s stock.
Institutional Investors Weigh In On Hut 8
Several institutional investors and hedge funds have recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. increased its position in Hut 8 by 4,669,387.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company’s stock worth $186,629,000 after buying an additional 4,062,367 shares during the period. SRS Investment Management LLC acquired a new stake in shares of Hut 8 in the fourth quarter worth $131,838,000. Sachem Head Capital Management LP bought a new position in Hut 8 during the fourth quarter worth $129,780,000. Ameriprise Financial Inc. raised its stake in Hut 8 by 1,043.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 2,486,814 shares of the company’s stock valued at $46,255,000 after purchasing an additional 2,269,237 shares during the last quarter. Finally, Oasis Management Co Ltd. boosted its holdings in Hut 8 by 231.5% in the 4th quarter. Oasis Management Co Ltd. now owns 2,307,683 shares of the company’s stock valued at $106,015,000 after purchasing an additional 1,611,653 shares during the period. 31.75% of the stock is owned by institutional investors and hedge funds.
About Hut 8
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.