Hut 8 (NASDAQ:HUT) Shares Up 4.4% – Here’s Why

Hut 8 Corp. (NASDAQ:HUT)’s share price was up 4.4% on Wednesday . The stock traded as high as $12.55 and last traded at $12.60. Approximately 274,444 shares changed hands during trading, a decline of 95% from the average daily volume of 5,126,946 shares. The stock had previously closed at $12.07.

Analyst Ratings Changes

Several research analysts have recently issued reports on HUT shares. Piper Sandler started coverage on Hut 8 in a research note on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price target for the company. Rosenblatt Securities assumed coverage on shares of Hut 8 in a research report on Friday, March 7th. They issued a “buy” rating and a $23.00 target price for the company. Benchmark reissued a “buy” rating and set a $41.00 target price on shares of Hut 8 in a research note on Tuesday, January 7th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $32.00 price target on shares of Hut 8 in a research note on Tuesday, March 4th. Finally, Keefe, Bruyette & Woods started coverage on shares of Hut 8 in a research note on Wednesday, January 8th. They set an “outperform” rating on the stock. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $29.89.

Hut 8 Stock Down 0.1 %

The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. The stock’s fifty day moving average is $18.90 and its two-hundred day moving average is $18.75.

Institutional Investors Weigh In On Hut 8

Several large investors have recently modified their holdings of HUT. Neo Ivy Capital Management acquired a new stake in shares of Hut 8 during the fourth quarter worth $252,000. Two Seas Capital LP raised its holdings in Hut 8 by 132.7% during the 4th quarter. Two Seas Capital LP now owns 476,808 shares of the company’s stock worth $9,770,000 after buying an additional 271,892 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Hut 8 by 25.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 167,469 shares of the company’s stock valued at $3,431,000 after buying an additional 33,713 shares in the last quarter. Voloridge Investment Management LLC acquired a new position in shares of Hut 8 in the fourth quarter worth about $24,170,000. Finally, Vennlight Capital Management LP purchased a new stake in shares of Hut 8 in the 4th quarter valued at approximately $2,414,000. 31.75% of the stock is owned by institutional investors.

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.