Hut 8 Corp. (NASDAQ:HUT - Get Free Report)'s share price rose 4.4% on Wednesday . The company traded as high as $12.55 and last traded at $12.60. Approximately 274,444 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 5,126,946 shares. The stock had previously closed at $12.07.
Wall Street Analysts Forecast Growth
Several equities research analysts have issued reports on HUT shares. Rosenblatt Securities initiated coverage on Hut 8 in a research report on Friday, March 7th. They set a "buy" rating and a $23.00 target price on the stock. Needham & Company LLC reissued a "buy" rating and set a $30.00 price objective on shares of Hut 8 in a report on Tuesday, March 4th. Canaccord Genuity Group reaffirmed a "buy" rating and set a $32.00 target price on shares of Hut 8 in a report on Tuesday, March 4th. Keefe, Bruyette & Woods initiated coverage on Hut 8 in a research report on Wednesday, January 8th. They set an "outperform" rating on the stock. Finally, Piper Sandler assumed coverage on shares of Hut 8 in a research report on Tuesday, December 17th. They issued an "overweight" rating and a $33.00 price objective for the company. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $29.89.
Get Our Latest Stock Report on Hut 8
Hut 8 Trading Down 0.2 %
The stock has a 50 day moving average of $18.90 and a 200 day moving average of $18.75. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00.
Institutional Investors Weigh In On Hut 8
Hedge funds have recently made changes to their positions in the business. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Hut 8 in the 3rd quarter worth $9,997,000. Paloma Partners Management Co purchased a new position in shares of Hut 8 in the third quarter worth about $834,000. State Street Corp lifted its stake in shares of Hut 8 by 12.6% in the 3rd 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 last quarter. MetLife Investment Management LLC boosted its holdings in Hut 8 by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 46,719 shares of the company's stock valued at $573,000 after acquiring an additional 26,324 shares during the period. Finally, Geode Capital Management LLC grew its position in Hut 8 by 21.1% during the 3rd 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. 31.75% of the stock is currently owned by institutional investors.
About Hut 8
(
Get Free Report)
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.
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