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

Hut 8 Corp. (NASDAQ:HUT) 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 changed hands during mid-day trading, a decline of 85% from the average daily volume of 5,075,664 shares. The stock had previously closed at $23.14.

A number of other brokerages have also recently weighed in on HUT. Needham & Company LLC boosted their price objective on Hut 8 from $21.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday. Benchmark boosted their target price on Hut 8 from $17.00 to $32.00 and gave the company a “buy” rating in a report on Thursday. Craig Hallum upped their price objective on Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday. HC Wainwright upped their target price on Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a report on Thursday. Finally, Stifel Nicolaus upped their target price on Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a report on Wednesday, October 30th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $30.17.

Institutional Trading of Hut 8

Institutional investors and hedge funds have recently made changes to their positions in the stock. Capital Performance Advisors LLP bought a new position in Hut 8 during the third quarter valued at about $40,000. Amalgamated Bank bought a new position in Hut 8 during the second quarter valued at about $42,000. Intech Investment Management LLC bought a new position in Hut 8 during the third quarter valued at about $133,000. Victory Capital Management Inc. bought a new position in Hut 8 during the second quarter valued at about $154,000. Finally, XTX Topco Ltd bought a new position in Hut 8 during the third quarter valued at about $162,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

Hut 8 Stock Performance

The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.68 and a current ratio of 1.68. The firm has a 50 day moving average of $14.47 and a 200-day moving average of $12.93.

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.