Hut 8 (NASDAQ:HUT) Stock Price Up 10.9% - Here's Why

Hut 8 Corp. (NASDAQ:HUT - Get Free Report)'s share price rose 10.9% during trading on Tuesday . The company traded as high as $11.72 and last traded at $11.80. Approximately 827,272 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 5,347,052 shares. The stock had previously closed at $10.64.

Analysts Set New Price Targets

Several analysts recently weighed in on HUT shares. UBS Group set a $33.00 price target on Hut 8 in a research report on Wednesday, April 2nd. Keefe, Bruyette & Woods began coverage on shares of Hut 8 in a report on Wednesday, January 8th. They issued an "outperform" rating for the company. Northland Capmk upgraded shares of Hut 8 to a "strong-buy" rating in a report on Monday, April 21st. Canaccord Genuity Group reissued a "buy" rating and issued a $32.00 price objective on shares of Hut 8 in a research note on Tuesday, March 4th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $30.00 target price on shares of Hut 8 in a research note on Friday, March 7th. Twelve equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Hut 8 presently has an average rating of "Buy" and an average target price of $27.67.

Hut 8 Stock Up 3.9 %

The firm has a fifty day moving average of $13.07 and a two-hundred day moving average of $18.94. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35.

Institutional Investors Weigh In On Hut 8

Several large investors have recently modified their holdings of the business. Nisa Investment Advisors LLC boosted its position in Hut 8 by 77.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company's stock valued at $26,000 after purchasing an additional 545 shares in the last quarter. R Squared Ltd purchased a new stake in shares of Hut 8 during the fourth quarter valued at about $26,000. Optiver Holding B.V. bought a new stake in shares of Hut 8 in the 4th quarter valued at about $35,000. Russell Investments Group Ltd. grew its position in shares of Hut 8 by 832.4% in the 4th quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company's stock worth $42,000 after buying an additional 1,823 shares during the last quarter. Finally, Principal Securities Inc. bought a new position in shares of Hut 8 during the 4th quarter worth approximately $45,000. 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.