Hut 8 (NASDAQ:HUT) Stock Price Up 11.5% – Time to Buy?

Hut 8 Corp. (NASDAQ:HUT)’s share price traded up 11.5% during trading on Friday . The stock traded as high as $26.24 and last traded at $26.18. 5,948,705 shares traded hands during trading, an increase of 15% from the average session volume of 5,173,268 shares. The stock had previously closed at $23.48.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. HC Wainwright increased their target price on Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Benchmark increased their target price on Hut 8 from $17.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Stifel Nicolaus increased their target price on Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research note on Wednesday, October 30th. Needham & Company LLC increased their target price on Hut 8 from $21.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Finally, Canaccord Genuity Group increased their target price on Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $30.17.

Hut 8 Trading Up 10.4 %

The company has a 50 day moving average of $15.89 and a 200-day moving average of $13.51. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00.

Institutional Investors Weigh In On Hut 8

Large investors have recently added to or reduced their stakes in the stock. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Hut 8 in the third quarter worth $9,997,000. D1 Capital Partners L.P. acquired a new stake in Hut 8 in the second quarter worth $17,388,000. Vanguard Group Inc. increased its position in Hut 8 by 8,329.2% in the first quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock worth $30,770,000 after buying an additional 2,754,037 shares during the period. Millennium Management LLC increased its position in Hut 8 by 46.4% in the second quarter. Millennium Management LLC now owns 649,518 shares of the company’s stock worth $9,733,000 after buying an additional 205,836 shares during the period. Finally, Ninepoint Partners LP acquired a new position in shares of Hut 8 during the second quarter valued at $720,000. 31.75% of the stock is owned by institutional investors and hedge funds.

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.