Hut 8 (NASDAQ:HUT) Trading Up 7.6% – Here’s What Happened

Hut 8 Corp. (NASDAQ:HUT) shares were up 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 traded hands during trading, a decline of 23% from the average daily volume of 3,008,134 shares. The stock had previously closed at $21.89.

Analyst Ratings Changes

A number of research firms recently commented on HUT. Canaccord Genuity Group lifted their price objective on Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Needham & Company LLC lifted their price target on shares of Hut 8 from $32.00 to $38.00 and gave the stock a “buy” rating in a report on Tuesday, December 17th. 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 research note on Wednesday, October 30th. Benchmark lifted their target price on shares of Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, Cantor Fitzgerald started coverage on Hut 8 in a research note on Monday, December 9th. They set an “overweight” rating and a $35.00 price target on the stock. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat, Hut 8 presently has a consensus rating of “Buy” and a consensus target price of $31.88.

Hut 8 Stock Performance

The business has a fifty day simple moving average of $23.63 and a 200 day simple moving average of $16.84. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35.

Hedge Funds Weigh In On Hut 8

A number of hedge funds have recently added to or reduced their stakes in the business. JAT Capital Mgmt LP acquired a new stake in shares of Hut 8 during the third quarter worth $32,260,000. D1 Capital Partners L.P. bought a new stake in shares of Hut 8 during the 2nd quarter valued at about $17,388,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Hut 8 during the third quarter worth about $9,997,000. Geode Capital Management LLC lifted its holdings in Hut 8 by 21.1% in the third quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock worth $26,902,000 after acquiring an additional 381,720 shares during the last quarter. Finally, State Street Corp boosted its stake in Hut 8 by 12.6% in the third quarter. State Street Corp now owns 2,740,769 shares of the company’s stock valued at $33,602,000 after acquiring an additional 307,292 shares during the period. Institutional investors and hedge funds 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.