Hut 8 (NASDAQ:HUT) Shares Up 3.8% After Analyst Upgrade

Hut 8 Corp. (NASDAQ:HUT - Get Free Report)'s share price shot up 3.8% on Friday after Canaccord Genuity Group raised their price target on the stock from $22.00 to $32.00. Canaccord Genuity Group currently has a buy rating on the stock. Hut 8 traded as high as $24.26 and last traded at $24.01. 752,100 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 5,075,664 shares. The stock had previously closed at $23.14.

Several other equities analysts also recently weighed in on the company. Craig Hallum raised their price target on Hut 8 from $15.00 to $32.00 and gave the stock a "buy" rating in a research report on Thursday. Needham & Company LLC lifted their price objective on Hut 8 from $21.00 to $32.00 and gave the stock a "buy" rating in a research report on Thursday. Benchmark upped their target price on shares of Hut 8 from $17.00 to $32.00 and gave the company a "buy" rating in a report on Thursday. Stifel Nicolaus lifted their price target on shares of Hut 8 from $15.00 to $18.00 and gave the stock a "speculative buy" rating in a report on Wednesday, October 30th. Finally, HC Wainwright upped their price objective on shares of Hut 8 from $26.00 to $35.00 and gave the company a "buy" rating in a research note on Thursday. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $30.17.

Hedge Funds Weigh In On Hut 8

A number of hedge funds have recently made changes to their positions in HUT. Capital Performance Advisors LLP purchased a new position in shares of Hut 8 in the third quarter valued at $40,000. Amalgamated Bank purchased a new position in Hut 8 in the 2nd quarter valued at about $42,000. Intech Investment Management LLC acquired a new stake in shares of Hut 8 during the third quarter valued at about $133,000. Victory Capital Management Inc. purchased a new stake in shares of Hut 8 during the second quarter worth about $154,000. Finally, XTX Topco Ltd purchased a new position in Hut 8 in the third quarter valued at about $162,000. Hedge funds and other institutional investors own 31.75% of the company's stock.

Hut 8 Trading Up 9.2 %

The firm has a fifty day simple moving average of $14.15 and a 200-day simple moving average of $12.82. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 0.43.

Hut 8 (NASDAQ:HUT - Get Free Report) last issued its quarterly earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share for the quarter, beating analysts' consensus estimates of ($0.09) by $0.11. The firm had revenue of $35.22 million during the quarter, compared to the consensus estimate of $38.00 million. On average, equities analysts forecast that Hut 8 Corp. will post -0.55 EPS for the current fiscal year.

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.