Hut 8 (NASDAQ:HUT) Trading Up 4% – Should You Buy?

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

Analysts Set New Price Targets

Several brokerages have commented on HUT. Needham & Company LLC raised their target price on Hut 8 from $21.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. HC Wainwright raised their price objective on shares of Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Benchmark upped their target price on shares of Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Stifel Nicolaus raised their price target on shares of Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a report on Wednesday, October 30th. Finally, Cantor Fitzgerald started coverage on shares of Hut 8 in a report on Monday. They issued an “overweight” rating and a $35.00 price target on the stock. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Hut 8 currently has a consensus rating of “Buy” and a consensus price target of $30.86.

Hut 8 Stock Performance

The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. The company’s 50-day moving average price is $20.12 and its two-hundred day moving average price is $15.28.

Hedge Funds Weigh In On Hut 8

Several institutional investors have recently modified their holdings of HUT. Bank of New York Mellon Corp purchased a new stake in Hut 8 in the second quarter worth approximately $4,390,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Hut 8 by 27.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,223 shares of the company’s stock worth $213,000 after acquiring an additional 3,105 shares during the last quarter. Rhumbline Advisers boosted its stake in shares of Hut 8 by 684,077.8% in the 2nd quarter. Rhumbline Advisers now owns 123,152 shares of the company’s stock valued at $1,846,000 after purchasing an additional 123,134 shares in the last quarter. Foundations Investment Advisors LLC grew its holdings in shares of Hut 8 by 2.0% during the 2nd quarter. Foundations Investment Advisors LLC now owns 48,728 shares of the company’s stock valued at $730,000 after purchasing an additional 949 shares during the last quarter. Finally, Victory Capital Management Inc. purchased a new position in Hut 8 in the 2nd quarter worth $154,000. 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.