Hut 8 (NASDAQ:HUT) Trading 7.6% Higher - Time to Buy?

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) rose 7.6% during mid-day trading on Tuesday . The stock traded as high as $12.28 and last traded at $12.50. Approximately 3,464,216 shares traded hands during mid-day trading, a decline of 33% from the average daily volume of 5,152,130 shares. The stock had previously closed at $11.62.

Wall Street Analyst Weigh In

HUT has been the topic of a number of recent research reports. Benchmark dropped their price objective on shares of Hut 8 from $41.00 to $33.00 and set a "buy" rating on the stock in a research note on Wednesday. Canaccord Genuity Group reiterated a "buy" rating and set a $32.00 price target on shares of Hut 8 in a research note on Tuesday, March 4th. Keefe, Bruyette & Woods started coverage on Hut 8 in a research note on Wednesday, January 8th. They issued an "outperform" rating for the company. Needham & Company LLC reaffirmed a "buy" rating and set a $30.00 target price on shares of Hut 8 in a research report on Tuesday, March 4th. Finally, Piper Sandler initiated coverage on Hut 8 in a report on Tuesday, December 17th. They set an "overweight" rating and a $33.00 price target for the company. Ten research analysts have rated the stock with a buy rating, According to MarketBeat.com, Hut 8 currently has an average rating of "Buy" and an average price target of $29.00.

Hut 8 Trading Down 4.4 %

The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. The firm has a 50 day moving average of $16.08 and a 200 day moving average of $19.00.

Remove Ads

Hedge Funds Weigh In On Hut 8

Large investors have recently modified their holdings of the business. State Street Corp boosted its holdings in Hut 8 by 12.6% in the 3rd quarter. State Street Corp now owns 2,740,769 shares of the company's stock worth $33,602,000 after buying an additional 307,292 shares during the period. MetLife Investment Management LLC lifted its position in shares of Hut 8 by 129.1% during the third quarter. MetLife Investment Management LLC now owns 46,719 shares of the company's stock worth $573,000 after acquiring an additional 26,324 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Hut 8 by 21.1% in the third 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 period. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Hut 8 by 9.4% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 891,830 shares of the company's stock valued at $18,242,000 after purchasing an additional 76,299 shares in the last quarter. Finally, Barclays PLC raised its stake in shares of Hut 8 by 29.7% during the 3rd quarter. Barclays PLC now owns 124,527 shares of the company's stock valued at $1,526,000 after purchasing an additional 28,532 shares during the period. Hedge funds and other institutional investors 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.