Hut 8 (NASDAQ:HUT) Shares Up 10.3% – Still a Buy?

Hut 8 Corp. (NASDAQ:HUT)’s share price shot up 10.3% on Wednesday . The stock traded as high as $26.69 and last traded at $26.32. 2,192,952 shares changed hands during mid-day trading, a decline of 55% from the average session volume of 4,823,168 shares. The stock had previously closed at $23.86.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on HUT shares. Needham & Company LLC restated a “buy” rating and issued a $38.00 price objective on shares of Hut 8 in a research report on Monday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $35.00 price objective on shares of Hut 8 in a report on Tuesday, January 7th. Craig Hallum lifted 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. Keefe, Bruyette & Woods assumed coverage on shares of Hut 8 in a research report on Wednesday, January 8th. They set an “outperform” rating on the stock. Finally, Canaccord Genuity Group boosted their price objective on shares of Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Hut 8 has an average rating of “Buy” and an average target price of $33.00.

Hut 8 Stock Up 1.3 %

The stock has a fifty day moving average of $24.98 and a 200-day moving average of $17.53. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Barclays PLC raised its holdings in shares of Hut 8 by 29.7% in 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 in the last quarter. Geode Capital Management LLC increased its holdings in Hut 8 by 21.1% in the third quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock valued at $26,902,000 after buying an additional 381,720 shares during the last quarter. Y Intercept Hong Kong Ltd lifted its holdings in Hut 8 by 25.6% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 60,492 shares of the company’s stock worth $742,000 after buying an additional 12,314 shares during the last quarter. XTX Topco Ltd acquired a new position in shares of Hut 8 during the 3rd quarter worth about $162,000. Finally, State Street Corp boosted its position in shares of Hut 8 by 12.6% during the 3rd quarter. State Street Corp now owns 2,740,769 shares of the company’s stock worth $33,602,000 after acquiring an additional 307,292 shares in the last quarter. Hedge funds and other institutional investors own 31.75% of the company’s stock.

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.