Hut 8 (NASDAQ:HUT) Trading 4% Higher

Hut 8 Corp. (NASDAQ:HUT)’s stock price traded up 4% during trading on Wednesday . The company traded as high as $7.53 and last traded at $7.53. 1,152,899 shares were traded during mid-day trading, a decline of 78% from the average session volume of 5,277,162 shares. The stock had previously closed at $7.24.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Canaccord Genuity Group dropped their price objective on shares of Hut 8 from $17.50 to $14.00 and set a “buy” rating on the stock in a research report on Friday, April 5th. Craig Hallum increased their price objective on shares of Hut 8 from $10.00 to $12.00 and gave the company a “hold” rating in a research report on Monday, April 1st. HC Wainwright increased their price objective on shares of Hut 8 from $7.00 to $9.00 and gave the company a “sell” rating in a research report on Thursday, March 28th. Stifel Nicolaus lifted their price target on shares of Hut 8 from $3.25 to $15.00 and gave the stock a “speculative buy” rating in a research note on Monday, January 8th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $12.00 price target on shares of Hut 8 in a research note on Monday, April 1st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $12.40.

Hut 8 Trading Up 2.2 %

The company has a quick ratio of 4.61, a current ratio of 4.61 and a debt-to-equity ratio of 0.04. The stock has a market cap of $718.38 million, a PE ratio of -2.87 and a beta of 3.91. The business’s fifty day moving average is $8.71 and its 200 day moving average is $7.16.

Hedge Funds Weigh In On Hut 8

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Quantbot Technologies LP acquired a new position in shares of Hut 8 in the first quarter valued at approximately $28,000. Citigroup Inc. raised its position in shares of Hut 8 by 1,045.6% in the first quarter. Citigroup Inc. now owns 8,592 shares of the company’s stock valued at $47,000 after buying an additional 7,842 shares during the last quarter. D.A. Davidson & CO. acquired a new position in shares of Hut 8 in the first quarter valued at approximately $59,000. Vontobel Holding Ltd. acquired a new position in shares of Hut 8 in the first quarter valued at approximately $74,000. Finally, Golden Green Inc. acquired a new position in shares of Hut 8 in the third quarter valued at approximately $29,000. 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.