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

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

Analyst Upgrades and Downgrades

Several research analysts have commented on HUT shares. Piper Sandler began coverage on Hut 8 in a research report on Tuesday, December 17th. They set an “overweight” rating and a $33.00 price target on the stock. Keefe, Bruyette & Woods began coverage on Hut 8 in a research note on Wednesday, January 8th. They issued an “outperform” rating for the company. Rosenblatt Securities began coverage on Hut 8 in a research note on Friday, March 7th. They issued a “buy” rating and a $23.00 price objective for the company. Benchmark reiterated a “buy” rating and issued a $41.00 price objective on shares of Hut 8 in a research note on Tuesday, January 7th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price objective on shares of Hut 8 in a research note on Friday, March 7th. Ten research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $29.89.

Hut 8 Trading Up 5.5 %

The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. The company has a fifty day simple moving average of $19.32 and a two-hundred day simple moving average of $18.83.

Institutional Trading of Hut 8

Several large investors have recently bought and sold shares of HUT. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Hut 8 in the third quarter valued at $9,997,000. Intech Investment Management LLC acquired a new stake in shares of Hut 8 during the third quarter valued at $133,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Hut 8 by 31.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 833,165 shares of the company’s stock valued at $10,215,000 after acquiring an additional 197,074 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Hut 8 by 24.6% during the third quarter. BNP Paribas Financial Markets now owns 18,520 shares of the company’s stock valued at $227,000 after acquiring an additional 3,653 shares during the last quarter. Finally, Blueshift Asset Management LLC acquired a new stake in shares of Hut 8 during the third quarter valued at $251,000. 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.