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

On January 25, 2025, it was reported that shares of Hut 8 Corp. (NASDAQ:HUT) have received a consensus recommendation of "Buy" from nine brokerages covering the stock, according to MarketBeat. All nine equity research analysts have assigned a buy recommendation for the stock. The average target price over the next 12 months for Hut 8 shares, based on updates from these analysts in the past year, is set at $33.00.

Several financial firms have made recent comments regarding Hut 8. On December 17, Piper Sandler began its coverage by assigning an "overweight" rating and establishing a price target of $33.00. Moreover, Cantor Fitzgerald confirmed their "overweight" rating on January 7, setting a price target of $35.00 for Hut 8 shares. Additionally, Craig Hallum revised their price target from $15.00 to $32.00, maintaining a "buy" rating as of November 14. On that same day, both HC Wainwright and Canaccord Genuity raised their price objectives, with HC Wainwright increasing their target from $26.00 to $35.00 and Canaccord Genuity adjusting their price from $22.00 to $32.00, also assigning a "buy" rating.

Institutional Investors Show Interest in Hut 8

Institutional investors and hedge funds have been adjusting their positions in Hut 8 recently. JAT Capital Management LP acquired a new position in the third quarter, valued at approximately $32.26 million. Another firm, Connor Clark & Lunn Investment Management Ltd., also made a new investment worth around $9.997 million during the same period. Geode Capital Management LLC increased its stake by 21.1% in the third quarter, holding now 2,193,900 shares, valued at approximately $26.90 million after purchasing an additional 381,720 shares. Furthermore, State Street Corp raised its holding by 12.6%, now owning 2,740,769 shares, valued at about $33.60 million after acquiring an additional 307,292 shares. Walleye Capital LLC notably lifted its stake by 179.7%, now owning 405,780 shares valued at $4.975 million after buying an additional 260,695 shares. Currently, institutional investors and hedge funds collectively hold 31.75% of the company's stock.

Hut 8 Stock Performance

On January 25, 2025, Hut 8's stock opened at $26.04, with a recorded 12-month low of $6.23 and a high of $31.95. The company has a debt-to-equity ratio of 0.35, with a quick ratio and current ratio both at 1.00. The stock's 50-day and 200-day moving averages stand at $25.30 and $17.95, respectively.

About Hut 8 Corp.

Hut 8 Corp., along with its subsidiaries, is involved in the acquisition, construction, management, and operation of data centers dedicated to digital asset mining, computing, and artificial intelligence in the United States. The company operates through four main segments: Digital Assets Mining, Managed Services, High Performance Computing Colocation and Cloud, and Other.

Hut8, Brokerages, Investment