Hut 8 (NASDAQ:HUT) Stock Price Up 7.6% – Here’s Why

Shares of Hut 8 Corp. (NASDAQ:HUT) were up 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 changed 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 Analysts Forecast Growth

HUT has been the topic of several recent analyst reports. Piper Sandler assumed coverage on Hut 8 in a report on Tuesday, December 17th. They set an “overweight” rating and a $33.00 target price on the stock. Rosenblatt Securities started coverage on Hut 8 in a report on Friday, March 7th. They set a “buy” rating and a $23.00 price objective on the stock. Needham & Company LLC reissued a “buy” rating and set a $30.00 target price on shares of Hut 8 in a research note on Tuesday, March 4th. HC Wainwright reduced their price target on shares of Hut 8 from $35.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. Finally, Benchmark reduced their target price on shares of Hut 8 from $41.00 to $33.00 and set a “buy” rating for the company in a research note on Wednesday. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $29.00.

Hut 8 Stock Performance

The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. The company’s fifty day simple moving average is $16.64 and its 200 day simple moving average is $18.99.

Hedge Funds Weigh In On Hut 8

Large investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC increased its position in Hut 8 by 77.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock worth $26,000 after buying an additional 545 shares during the period. R Squared Ltd bought a new position in Hut 8 during the fourth quarter worth about $26,000. Optiver Holding B.V. acquired a new stake in Hut 8 in the 4th quarter worth about $35,000. Russell Investments Group Ltd. boosted its holdings in Hut 8 by 832.4% in the 4th quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company’s stock valued at $42,000 after purchasing an additional 1,823 shares during the period. Finally, Principal Securities Inc. bought a new position in shares of Hut 8 during the fourth quarter worth approximately $45,000. 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.