Hut 8 (NASDAQ:HUT) Shares Up 5.9% – Here’s What Happened

Shares of Hut 8 Corp. (NASDAQ:HUT) shot up 5.9% on Wednesday . The company traded as high as $27.31 and last traded at $26.53. 1,932,745 shares were traded during mid-day trading, a decline of 63% from the average session volume of 5,216,953 shares. The stock had previously closed at $25.06.

Analyst Ratings Changes

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

Hut 8 Price Performance

The stock has a fifty day simple moving average of $18.00 and a 200-day simple moving average of $14.48. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00.

Hedge Funds Weigh In On Hut 8

Several hedge funds have recently modified their holdings of the stock. Barclays PLC grew its holdings in shares of Hut 8 by 29.7% in the 3rd quarter. Barclays PLC now owns 124,527 shares of the company’s stock valued at $1,526,000 after acquiring an additional 28,532 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Hut 8 by 21.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock valued at $26,902,000 after acquiring an additional 381,720 shares in the last quarter. Y Intercept Hong Kong Ltd grew its holdings in shares of Hut 8 by 25.6% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 60,492 shares of the company’s stock valued at $742,000 after acquiring an additional 12,314 shares in the last quarter. XTX Topco Ltd bought a new position in shares of Hut 8 in the 3rd quarter valued at about $162,000. Finally, State Street Corp grew its holdings 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 valued at $33,602,000 after acquiring an additional 307,292 shares in the last quarter. Institutional investors own 31.75% of the company’s stock.

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.