Hut 8 (NASDAQ:HUT) Shares Up 7.6% – Should You Buy?

Hut 8 Corp. (NASDAQ:HUT)’s stock price traded up 7.6% on Friday . The company traded as high as $23.68 and last traded at $23.55. 2,329,632 shares changed hands during trading, a decline of 23% from the average session volume of 3,008,134 shares. The stock had previously closed at $21.89.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. HC Wainwright raised their price objective on shares of Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Piper Sandler initiated coverage on Hut 8 in a research report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price target on the stock. Stifel Nicolaus increased their price objective on Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a research report on Wednesday, October 30th. Craig Hallum lifted their target price on Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Finally, Canaccord Genuity Group increased their price target on Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $31.88.

Hut 8 Price Performance

The business has a fifty day simple moving average of $23.63 and a 200 day simple moving average of $16.84. 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 Investors Weigh In On Hut 8

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp boosted its position in shares of Hut 8 by 12.6% in 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 in the last quarter. JAT Capital Mgmt LP purchased a new stake in shares of Hut 8 in the third quarter valued at about $32,260,000. Geode Capital Management LLC grew its position in shares of Hut 8 by 21.1% in the third quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock valued at $26,902,000 after purchasing an additional 381,720 shares during the last quarter. D1 Capital Partners L.P. purchased a new position in shares of Hut 8 during the 2nd quarter worth approximately $17,388,000. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Hut 8 by 31.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 833,165 shares of the company’s stock worth $10,215,000 after purchasing an additional 197,074 shares during the last quarter. 31.75% of the stock is currently 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.