Hut 8 (NASDAQ:HUT) Stock Price Up 7.6% – Here’s Why

Hut 8 Corp. (NASDAQ:HUT) traded up 7.6% during trading on Friday . The stock traded as high as $23.68 and last traded at $23.55. 2,329,632 shares were traded during trading, a decline of 23% from the average session volume of 3,008,134 shares. The stock had previously closed at $21.89.

Analysts Set New Price Targets

HUT has been the topic of a number of recent analyst reports. Stifel Nicolaus raised their target price on shares of Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research note on Wednesday, October 30th. Piper Sandler started coverage on shares of Hut 8 in a research report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 target price for the company. Needham & Company LLC raised their price target on Hut 8 from $32.00 to $38.00 and gave the company a “buy” rating in a research report on Tuesday, December 17th. HC Wainwright lifted their price target on Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, Canaccord Genuity Group increased their price objective on Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $31.88.

Hut 8 Stock Performance

The firm has a 50-day moving average of $23.45 and a 200-day moving average of $16.76. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35.

Hedge Funds Weigh In On Hut 8

Institutional investors and hedge funds have recently bought and sold shares of the stock. Capital Performance Advisors LLP bought a new stake in shares of Hut 8 in the 3rd quarter worth approximately $40,000. Amalgamated Bank purchased a new position in shares of Hut 8 in the 2nd quarter valued at approximately $42,000. Intech Investment Management LLC purchased a new position in shares of Hut 8 in the 3rd quarter valued at approximately $133,000. Victory Capital Management Inc. purchased a new position in shares of Hut 8 in the 2nd quarter valued at approximately $154,000. Finally, XTX Topco Ltd purchased a new position in shares of Hut 8 in the 3rd quarter valued at approximately $162,000. 31.75% of the stock is currently owned by institutional investors.

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.