Hut 8 (NASDAQ:HUT) Trading 11.5% Higher – What’s Next?

Hut 8 Corp. (NASDAQ:HUT)’s share price rose 11.5% during trading on Friday . The company traded as high as $26.24 and last traded at $26.18. Approximately 5,948,705 shares were traded during mid-day trading, an increase of 15% from the average daily volume of 5,173,268 shares. The stock had previously closed at $23.48.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on HUT shares. HC Wainwright raised their price target on Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Craig Hallum boosted their price target on Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Benchmark lifted their target price on Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Stifel Nicolaus increased 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 report on Wednesday, October 30th. Finally, Needham & Company LLC increased their target price on shares of Hut 8 from $21.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $30.17.

Hut 8 Stock Up 10.4 %

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 stock’s 50-day moving average price is $15.60 and its 200 day moving average price is $13.39.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Capital Performance Advisors LLP purchased a new position in shares of Hut 8 in the 3rd quarter valued at about $40,000. Amalgamated Bank acquired a new position in Hut 8 in the second quarter valued at $42,000. Intech Investment Management LLC purchased a new stake in Hut 8 during the third quarter worth approximately $133,000. Victory Capital Management Inc. purchased a new position in shares of Hut 8 in the second quarter valued at $154,000. Finally, XTX Topco Ltd purchased a new stake in shares of Hut 8 during the third quarter worth about $162,000. 31.75% of the stock is owned by institutional investors and hedge funds.

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.