Hut 8 (NASDAQ:HUT) Trading 7.6% Higher – What’s Next?

Hut 8 Corp. (NASDAQ:HUT)’s share price shot up 7.6% during trading on Tuesday . The stock traded as high as $12.28 and last traded at $12.50. 3,464,216 shares were traded during trading, a decline of 33% from the average session volume of 5,152,130 shares. The stock had previously closed at $11.62.

Wall Street Analysts Forecast Growth

HUT has been the topic of a number of recent research reports. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 target price on shares of Hut 8 in a research note on Friday, March 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $30.00 target price on shares of Hut 8 in a research report on Tuesday, March 4th. HC Wainwright dropped their price target on shares of Hut 8 from $35.00 to $30.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. Canaccord Genuity Group reiterated a “buy” rating and issued a $32.00 target price on shares of Hut 8 in a research note on Tuesday, March 4th. Finally, Benchmark dropped their target price on shares of Hut 8 from $41.00 to $33.00 and set a “buy” rating on the stock in a report on Wednesday. Ten analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $29.00.

Hut 8 Stock Down 9.9 %

The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. The business’s 50-day moving average is $16.64 and its 200-day moving average is $18.99.

Institutional Trading of Hut 8

Hedge funds have recently modified their holdings of the company. Intech Investment Management LLC acquired a new stake in Hut 8 during the 3rd quarter valued at $133,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Hut 8 by 31.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 833,165 shares of the company’s stock worth $10,215,000 after purchasing an additional 197,074 shares during the last quarter. BNP Paribas Financial Markets increased its stake in shares of Hut 8 by 24.6% in the third quarter. BNP Paribas Financial Markets now owns 18,520 shares of the company’s stock valued at $227,000 after buying an additional 3,653 shares in the last quarter. MetLife Investment Management LLC raised its holdings in shares of Hut 8 by 129.1% in the third quarter. MetLife Investment Management LLC now owns 46,719 shares of the company’s stock valued at $573,000 after buying an additional 26,324 shares during the last quarter. Finally, Centiva Capital LP acquired a new position in Hut 8 during the 3rd quarter worth about $1,382,000. Institutional investors and hedge funds 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.