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

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

Analysts Set New Price Targets

HUT has been the subject of several recent analyst reports. Benchmark lifted their price target on Hut 8 from $17.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Needham & Company LLC lifted their price target on Hut 8 from $21.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Stifel Nicolaus lifted their price target on Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a report on Wednesday, October 30th. Canaccord Genuity Group lifted their price target on Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Finally, HC Wainwright lifted their price target on Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $30.17.

Hut 8 Price Performance

The stock’s 50-day moving average is $15.89 and its 200-day moving average is $13.51. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35.

Institutional Trading of Hut 8

A number of institutional investors and hedge funds have recently bought and sold shares of HUT. Vanguard Group Inc. boosted its holdings in Hut 8 by 8,329.2% in 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. State Street Corp boosted its holdings in Hut 8 by 12.6% in the 3rd quarter. State Street Corp now owns 2,740,769 shares of the company’s stock worth $33,602,000 after acquiring an additional 307,292 shares during the period. JAT Capital Mgmt LP purchased a new position in Hut 8 in the 3rd quarter worth approximately $32,260,000. Geode Capital Management LLC boosted its holdings in Hut 8 by 21.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock worth $26,902,000 after acquiring an additional 381,720 shares during the period. Finally, Tidal Investments LLC purchased a new position in Hut 8 in the 1st quarter worth approximately $18,191,000. Institutional investors and hedge funds 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.