Hut 8 (NASDAQ:HUT) Stock Price Up 3.8% Following Analyst Upgrade

Hut 8 Corp. (NASDAQ:HUT) shares rose 3.8% on Friday after Canaccord Genuity Group raised their price target on the stock from $22.00 to $32.00. Canaccord Genuity Group currently has a buy rating on the stock. Hut 8 traded as high as $24.26 and last traded at $24.01. Approximately 752,100 shares were traded during trading, a decline of 85% from the average daily volume of 5,075,664 shares. The stock had previously closed at $23.14.

Several other analysts have also recently issued reports on HUT. 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 report on Wednesday, October 30th. HC Wainwright raised their price target on shares of Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a report on Thursday. Needham & Company LLC boosted their price objective on shares of Hut 8 from $21.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday. Craig Hallum raised their target price on shares of Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Benchmark upped their price target on Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday. Six research analysts have rated the stock with a buy rating, According to MarketBeat, Hut 8 has a consensus rating of “Buy” and an average price target of $30.17.

Hedge Funds Weigh In On Hut 8

Several hedge funds have recently made changes to their positions in HUT. Vanguard Group Inc. raised its stake in shares of 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 purchasing an additional 2,754,037 shares during the last quarter. State Street Corp raised its position in 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 buying an additional 307,292 shares during the last quarter. JAT Capital Mgmt LP acquired a new stake in Hut 8 during the 3rd quarter valued at approximately $32,260,000. Tidal Investments LLC purchased a new stake in shares of Hut 8 in the 1st quarter valued at $18,191,000. Finally, D1 Capital Partners L.P. purchased a new stake in shares of Hut 8 in the 2nd quarter valued at $17,388,000. 31.75% of the stock is owned by institutional investors and hedge funds.

Hut 8 Trading Up 9.2 %

The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 0.43. The stock’s 50 day moving average price is $14.15 and its two-hundred day moving average price is $12.82.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.11. The company had revenue of $35.22 million for the quarter, compared to analyst estimates of $38.00 million. Research analysts predict that Hut 8 Corp. will post -0.55 EPS for the current fiscal year.

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.