Hut 8 (NASDAQ:HUT) Shares Up 4.4% – Should You Buy?

Hut 8 Corp. (NASDAQ:HUT) traded up 4.4% on Wednesday . The company traded as high as $12.55 and last traded at $12.60. 274,444 shares changed hands during trading, a decline of 95% from the average session volume of 5,126,946 shares. The stock had previously closed at $12.07.

Wall Street Analyst Weigh In

HUT has been the topic of several analyst reports. Keefe, Bruyette & Woods initiated coverage on Hut 8 in a report on Wednesday, January 8th. They set an “outperform” rating on the stock. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $32.00 price target on shares of Hut 8 in a report on Tuesday, March 4th. Benchmark reiterated a “buy” rating and set a $41.00 price objective on shares of Hut 8 in a research note on Tuesday, January 7th. Rosenblatt Securities initiated coverage on shares of Hut 8 in a research note on Friday, March 7th. They issued a “buy” rating and a $23.00 target price on the stock. Finally, Piper Sandler assumed coverage on Hut 8 in a research note on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price target for the company. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $29.89.

Hut 8 Trading Down 0.1 %

The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. The firm’s 50 day moving average is $18.90 and its two-hundred day moving average is $18.75.

Institutional Trading of Hut 8

Several hedge funds have recently made changes to their positions in HUT. Vanguard Group Inc. grew its stake in Hut 8 by 3.9% during the 4th quarter. Vanguard Group Inc. now owns 6,459,385 shares of the company’s stock worth $132,352,000 after buying an additional 245,113 shares during the last quarter. State Street Corp grew its position in shares of Hut 8 by 12.6% during the third 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 last quarter. JAT Capital Mgmt LP acquired a new stake in shares of Hut 8 in the 3rd quarter worth about $32,260,000. Geode Capital Management LLC lifted its position 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 valued at $26,902,000 after purchasing an additional 381,720 shares during the last quarter. Finally, Jericho Capital Asset Management L.P. acquired a new position in Hut 8 during the 4th quarter valued at about $37,400,000. Institutional investors 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.