Hut 8 (NASDAQ:HUT) Trading 4% Higher

Shares of Hut 8 Corp. (NASDAQ:HUT) traded up 4% during trading on Wednesday . The stock traded as high as $7.53 and last traded at $7.53. 1,152,899 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 5,277,162 shares. The stock had previously closed at $7.24.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Needham & Company LLC reissued a “buy” rating and issued a $12.00 target price on shares of Hut 8 in a report on Monday, April 1st. Craig Hallum raised their target price on shares of Hut 8 from $10.00 to $12.00 and gave the company a “hold” rating in a report on Monday, April 1st. Stifel Nicolaus lifted their price target on shares of Hut 8 from $3.25 to $15.00 and gave the company a “speculative buy” rating in a report on Monday, January 8th. Canaccord Genuity Group decreased their price target on shares of Hut 8 from $17.50 to $14.00 and set a “buy” rating on the stock in a report on Friday, April 5th. Finally, HC Wainwright boosted their target price on shares of Hut 8 from $7.00 to $9.00 and gave the stock a “sell” rating in a report on Thursday, March 28th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $12.40.

Hut 8 Stock Up 4.0 %

The stock has a market cap of $671.98 million, a price-to-earnings ratio of -2.63 and a beta of 3.91. The company has a current ratio of 4.61, a quick ratio of 4.61 and a debt-to-equity ratio of 0.04. The stock’s 50-day moving average price is $8.68 and its 200-day moving average price is $7.12.

Institutional Trading of Hut 8

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Van ECK Associates Corp grew its position in Hut 8 by 15.7% during the third quarter. Van ECK Associates Corp now owns 2,198,471 shares of the company’s stock valued at $4,287,000 after buying an additional 297,552 shares during the period. Wellington Management Group LLP lifted its position in Hut 8 by 203.4% during the third quarter. Wellington Management Group LLP now owns 1,125,958 shares of the company’s stock valued at $2,224,000 after buying an additional 754,891 shares during the period. GSG Advisors LLC purchased a new position in shares of Hut 8 in the 3rd quarter worth about $273,000. SteelPeak Wealth LLC purchased a new position in shares of Hut 8 in the 3rd quarter worth about $393,000. Finally, Qube Research & Technologies Ltd bought a new stake in Hut 8 in the 3rd quarter worth about $3,429,000. Institutional investors own 31.75% of the company’s stock.

Hut 8 Company Profile

Hut 8 Corp. provides digital asset mining and high-performance computing infrastructure solutions in Canada. It operates computing infrastructure sites mines Bitcoin, as well as delivers cloud, colocation, and computing services to enterprise customers. The company was founded in 2017 and is based in Miami, Florida.