Hut 8 (NASDAQ:HUT) Hits New 1-Year High – Here’s What Happened

Hut 8 Corp. (NASDAQ:HUT)’s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $28.72 and last traded at $28.43, with a volume of 10393728 shares traded. The stock had previously closed at $24.42.

Analyst Ratings Changes

Several equities analysts recently weighed in on HUT shares. Benchmark increased their target price on Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Canaccord Genuity Group lifted their price target on Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Craig Hallum raised 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. Stifel Nicolaus increased their price target on Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a research note on Wednesday, October 30th. Finally, HC Wainwright increased their price objective on Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Hut 8 has an average rating of “Buy” and a consensus target price of $30.17.

Hut 8 Price Performance

The stock has a 50-day simple moving average of $16.44 and a 200-day simple moving average of $13.82. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00.

Institutional Trading of Hut 8

Several large investors have recently added to or reduced their stakes in the stock. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Hut 8 in the third quarter worth about $9,997,000. D1 Capital Partners L.P. purchased a new position in shares of Hut 8 in the second quarter worth approximately $17,388,000. Vanguard Group Inc. increased its stake in shares of Hut 8 by 8,329.2% in the 1st quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock worth $30,770,000 after purchasing an additional 2,754,037 shares in the last quarter. Millennium Management LLC grew its stake in shares of Hut 8 by 46.4% during the 2nd quarter. Millennium Management LLC now owns 649,518 shares of the company’s stock valued at $9,733,000 after acquiring an additional 205,836 shares during the period. Finally, Ninepoint Partners LP purchased a new stake in Hut 8 in the 2nd quarter worth $720,000. 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.