Hut 8 (NASDAQ:HUT) Stock Price Up 11.5% – Time to Buy?

Hut 8 Corp. (NASDAQ:HUT) traded up 11.5% during trading on Friday . The stock traded as high as $26.24 and last traded at $26.18. 5,948,705 shares traded hands during mid-day trading, an increase of 15% from the average session volume of 5,173,268 shares. The stock had previously closed at $23.48.

Analysts Set New Price Targets

HUT has been the topic of a number of recent analyst reports. Benchmark lifted their price target on shares of Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Craig Hallum increased their target price on Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Needham & Company LLC upped their price target on shares of Hut 8 from $21.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Stifel Nicolaus increased their price objective on shares of Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a research report on Wednesday, October 30th. Finally, HC Wainwright upped their target price on shares of Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $30.17.

Hut 8 Trading Up 10.4 %

The business’s 50 day moving average is $15.60 and its 200-day moving average is $13.39. 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

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in Hut 8 by 8,329.2% during the 1st quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock worth $30,770,000 after acquiring an additional 2,754,037 shares during the period. JAT Capital Mgmt LP bought a new stake in Hut 8 in the third quarter valued at approximately $32,260,000. Tidal Investments LLC purchased a new stake in Hut 8 during the 1st quarter valued at $18,191,000. D1 Capital Partners L.P. purchased a new stake in Hut 8 in the 2nd quarter worth approximately $17,388,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Hut 8 in the third quarter worth $9,997,000. 31.75% of the stock is owned by institutional investors.

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.