Hut 8 (NASDAQ:HUT) Trading Up 7.6% – Time to Buy?

Hut 8 Corp. (NASDAQ:HUT)’s share price rose 7.6% during trading on Friday . The company traded as high as $23.68 and last traded at $23.55. Approximately 2,329,632 shares were traded during mid-day trading, a decline of 23% from the average daily volume of 3,008,134 shares. The stock had previously closed at $21.89.

Analysts Set New Price Targets

HUT has been the subject of a number of research analyst reports. HC Wainwright lifted their target price on Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Craig Hallum lifted their target price on Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Needham & Company LLC lifted their price objective on Hut 8 from $32.00 to $38.00 and gave the stock a “buy” rating in a report on Tuesday, December 17th. Cantor Fitzgerald began coverage on Hut 8 in a report on Monday, December 9th. They issued an “overweight” rating and a $35.00 price objective for the company. Finally, Stifel Nicolaus lifted their price objective on Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a report on Wednesday, October 30th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $31.88.

Hut 8 Stock Performance

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

Institutional Trading of Hut 8

Several hedge funds have recently bought and sold shares of HUT. Capital Performance Advisors LLP purchased a new position in Hut 8 during the 3rd quarter valued at approximately $40,000. Amalgamated Bank bought a new position in shares of Hut 8 during the 2nd quarter valued at approximately $42,000. Intech Investment Management LLC purchased a new position in shares of Hut 8 in the third quarter valued at $133,000. Victory Capital Management Inc. bought a new stake in Hut 8 in the second quarter worth $154,000. Finally, XTX Topco Ltd purchased a new stake in Hut 8 during the third quarter valued at $162,000. 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.