Hut 8 (NASDAQ:HUT) Stock Price Up 4.4% – What’s Next?

Hut 8 Corp. (NASDAQ:HUT) shares rose 4.4% during mid-day trading on Wednesday . The company traded as high as $12.55 and last traded at $12.60. Approximately 274,444 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 5,126,946 shares. The stock had previously closed at $12.07.

Analysts Set New Price Targets

HUT has been the subject of a number of recent research reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $30.00 target price on shares of Hut 8 in a research note on Tuesday, March 4th. Canaccord Genuity Group reissued a “buy” rating and set a $32.00 price objective on shares of Hut 8 in a research report on Tuesday, March 4th. HC Wainwright cut their price objective on Hut 8 from $35.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. Piper Sandler assumed coverage on Hut 8 in a report on Tuesday, December 17th. They set an “overweight” rating and a $33.00 target price for the company. Finally, Keefe, Bruyette & Woods assumed coverage on Hut 8 in a report on Wednesday, January 8th. They set an “outperform” rating for the company. Ten analysts have rated the stock with a buy rating, According to MarketBeat.com, Hut 8 currently has a consensus rating of “Buy” and a consensus price target of $29.89.

Hut 8 Price Performance

The firm has a 50 day moving average price of $19.32 and a 200-day moving average price of $18.83. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00.

Hedge Funds Weigh In On Hut 8

Several hedge funds and other institutional investors have recently made changes to their positions in HUT. JAT Capital Mgmt LP purchased a new position in shares of Hut 8 in the 3rd quarter valued at about $32,260,000. Jericho Capital Asset Management L.P. purchased a new position in shares of Hut 8 in the 4th quarter valued at about $37,400,000. D. E. Shaw & Co. Inc. purchased a new position in shares of Hut 8 in the 4th quarter valued at about $27,115,000. Voloridge Investment Management LLC acquired a new stake in shares of Hut 8 during the 4th quarter worth about $24,170,000. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in shares of Hut 8 during the 4th quarter worth about $23,009,000. 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.