Hut 8 (NASDAQ:HUT) Trading Up 4% – Here’s What Happened

Hut 8 Corp. (NASDAQ:HUT) shares traded up 4% on Friday . The company traded as high as $28.54 and last traded at $28.41. 1,009,457 shares were traded during mid-day trading, a decline of 81% from the average session volume of 5,331,413 shares. The stock had previously closed at $27.32.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on HUT shares. Canaccord Genuity Group lifted their price target on Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Stifel Nicolaus lifted their target price on Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research report on Wednesday, October 30th. Cantor Fitzgerald started coverage on Hut 8 in a report on Monday. They set an “overweight” rating and a $35.00 price target for the company. Craig Hallum raised their price objective on Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Finally, Needham & Company LLC upped their target price on shares of Hut 8 from $21.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $30.86.

Hut 8 Stock Up 2.9 %

The business has a 50 day simple moving average of $20.12 and a 200-day simple moving average of $15.28. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00.

Institutional Investors Weigh In On Hut 8

Large investors have recently modified their holdings of the stock. Foundations Investment Advisors LLC raised its stake in Hut 8 by 2.0% in the 2nd quarter. Foundations Investment Advisors LLC now owns 48,728 shares of the company’s stock valued at $730,000 after acquiring an additional 949 shares during the period. AM Investment Strategies LLC increased its stake in shares of Hut 8 by 3.6% in the third quarter. AM Investment Strategies LLC now owns 44,000 shares of the company’s stock worth $539,000 after purchasing an additional 1,521 shares in the last quarter. Amalgamated Bank bought a new stake in shares of Hut 8 in the second quarter valued at approximately $42,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Hut 8 by 27.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,223 shares of the company’s stock valued at $213,000 after buying an additional 3,105 shares in the last quarter. Finally, Capital Performance Advisors LLP bought a new position in Hut 8 in the 3rd quarter worth approximately $40,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Hut 8 Company Profile

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.