Hut 8 Corp. (NASDAQ:HUT – Get Free Report) shares rose 10.3% during trading on Wednesday . The stock traded as high as $26.69 and last traded at $26.32. Approximately 2,192,952 shares were traded during trading, a decline of 55% from the average daily volume of 4,823,168 shares. The stock had previously closed at $23.86.
Analyst Ratings Changes
A number of research analysts have weighed in on HUT shares. Stifel Nicolaus raised their price objective on Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a report on Wednesday, October 30th. Piper Sandler assumed coverage on shares of Hut 8 in a research report on Tuesday, December 17th. They set an “overweight” rating and a $33.00 price target on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $35.00 price objective on shares of Hut 8 in a report on Tuesday, January 7th. Needham & Company LLC reiterated a “buy” rating and set a $38.00 price objective on shares of Hut 8 in a research report on Monday. Finally, Canaccord Genuity Group upped their target price on Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $33.00.
Check Out Our Latest Analysis on HUT
Hut 8 Trading Up 9.4 %
Institutional Investors Weigh In On Hut 8
Institutional investors and hedge funds have recently made changes to their positions in the stock. Amalgamated Bank acquired a new position in Hut 8 in the 2nd quarter valued at about $42,000. Capital Performance Advisors LLP acquired a new position in shares of Hut 8 in the third quarter valued at approximately $40,000. Victory Capital Management Inc. purchased a new stake in Hut 8 during the 2nd quarter worth approximately $154,000. Intech Investment Management LLC acquired a new stake in Hut 8 during the 3rd quarter worth approximately $133,000. Finally, XTX Topco Ltd purchased a new position in Hut 8 in the 3rd quarter valued at approximately $162,000. 31.75% of the stock is owned by hedge funds and other 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.
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