Shares of Hut 8 Corp. (NASDAQ:HUT – Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $25.43, but opened at $26.30. Hut 8 shares last traded at $26.46, with a volume of 1,079,600 shares.
Analyst Upgrades and Downgrades
Several research analysts recently weighed in on the company. Stifel Nicolaus increased their target price 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. Piper Sandler began coverage on Hut 8 in a report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price objective on the stock. Needham & Company LLC reiterated a “buy” rating and set a $38.00 target price on shares of Hut 8 in a report on Monday, January 13th. Benchmark restated a “buy” rating and issued a $41.00 price target on shares of Hut 8 in a report on Tuesday, January 7th. Finally, Canaccord Genuity Group increased their price objective on shares of Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Hut 8 has a consensus rating of “Buy” and a consensus price target of $33.00.
Read Our Latest Analysis on Hut 8
Hut 8 Price Performance
Hedge Funds Weigh In On Hut 8
Institutional investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC increased its stake in shares of Hut 8 by 77.9% in the fourth 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 last quarter. R Squared Ltd acquired a new position in Hut 8 during the 4th quarter worth $26,000. Capital Performance Advisors LLP bought a new stake in shares of Hut 8 in the 3rd quarter worth about $40,000. Amalgamated Bank acquired a new stake in shares of Hut 8 in the 2nd quarter valued at about $42,000. Finally, KBC Group NV bought a new position in shares of Hut 8 during the fourth quarter worth about $69,000. Institutional investors and hedge funds 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.
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