Hut 8 (NASDAQ:HUT) Trading 10.3% Higher – Still a Buy?

Hut 8 Corp. (NASDAQ:HUT) was up 10.3% during trading on Wednesday . The stock traded as high as $26.69 and last traded at $26.32. Approximately 2,192,952 shares were traded during 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 research firms have recently commented on HUT. Stifel Nicolaus upped their price objective 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. Canaccord Genuity Group upped their price target on shares of Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Benchmark reiterated a “buy” rating and set a $41.00 price objective on shares of Hut 8 in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods initiated coverage on Hut 8 in a research note on Wednesday, January 8th. They issued an “outperform” rating on the stock. Finally, Craig Hallum lifted their price target on Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Nine research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $33.00.

Hut 8 Stock Up 9.4 %

The company has a 50 day moving average of $24.67 and a two-hundred day moving average of $17.41. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35.

Institutional Trading of Hut 8

Institutional investors and hedge funds have recently made changes to their positions in the business. Rhumbline Advisers grew its stake in 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 acquiring an additional 123,134 shares during the period. Victory Capital Management Inc. acquired a new stake in shares of Hut 8 in the second quarter valued at about $154,000. Arizona State Retirement System purchased a new stake in shares of Hut 8 during the second quarter worth about $337,000. Dimensional Fund Advisors LP acquired a new position in shares of Hut 8 during the 2nd quarter worth about $200,000. Finally, Central Asset Investments & Management Holdings HK Ltd purchased a new position in Hut 8 in the 2nd quarter valued at about $608,000. 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.