Hut 8 (NASDAQ:HUT) Trading 10.3% Higher – Time to Buy?

Shares of Hut 8 Corp. (NASDAQ:HUT) were up 10.3% during mid-day trading on Wednesday . The company traded as high as $26.69 and last traded at $26.32. Approximately 2,192,952 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 4,823,168 shares. The stock had previously closed at $23.86.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Craig Hallum increased their target price on Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Stifel Nicolaus boosted their target price on shares of Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a report on Wednesday, October 30th. Cantor Fitzgerald restated an “overweight” rating and set a $35.00 price target on shares of Hut 8 in a report on Tuesday, January 7th. Benchmark reissued a “buy” rating and issued a $41.00 price objective on shares of Hut 8 in a research report on Tuesday, January 7th. Finally, Keefe, Bruyette & Woods initiated coverage on Hut 8 in a research report on Wednesday, January 8th. They set an “outperform” rating for the company. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $33.00.

Hut 8 Stock Up 1.3 %

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 business’s 50 day moving average is $24.98 and its 200 day moving average is $17.53.

Institutional Investors Weigh In On Hut 8

A number of hedge funds have recently made changes to their positions in the stock. Capital Performance Advisors LLP acquired a new stake in Hut 8 in the third quarter valued at approximately $40,000. Amalgamated Bank purchased a new stake in Hut 8 during the 2nd quarter valued at about $42,000. Intech Investment Management LLC acquired a new position in Hut 8 in the 3rd quarter worth approximately $133,000. Victory Capital Management Inc. acquired a new stake in shares of Hut 8 in the second quarter worth $154,000. Finally, XTX Topco Ltd acquired a new stake in Hut 8 during the 3rd quarter worth about $162,000. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

About Hut 8

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.