Hut 8 (NASDAQ:HUT) Trading 6.9% Higher

Hut 8 Corp. (NASDAQ:HUT - Get Free Report)'s stock price rose 6.9% during trading on Monday . The company traded as high as $8.87 and last traded at $8.84. Approximately 525,632 shares traded hands during trading, a decline of 89% from the average daily volume of 4,856,352 shares. The stock had previously closed at $8.27.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Stifel Nicolaus increased their target price on Hut 8 from $3.25 to $15.00 and gave the stock a "speculative buy" rating in a report on Monday, January 8th. HC Wainwright raised their target price on shares of Hut 8 from $7.00 to $9.00 and gave the company a "sell" rating in a report on Thursday, March 28th. Benchmark started coverage on shares of Hut 8 in a report on Monday, April 22nd. They set a "buy" rating and a $12.00 price target for the company. Needham & Company LLC reissued a "buy" rating and issued a $12.00 price objective on shares of Hut 8 in a research note on Monday, April 1st. Finally, Canaccord Genuity Group cut their target price on Hut 8 from $17.50 to $14.00 and set a "buy" rating for the company in a research note on Friday, April 5th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $12.33.

Hut 8 Stock Up 7.0 %

The company has a quick ratio of 4.61, a current ratio of 4.61 and a debt-to-equity ratio of 0.04. The firm has a 50 day moving average of $8.57 and a 200 day moving average of $7.80. The firm has a market cap of $791.90 million, a price-to-earnings ratio of -3.22 and a beta of 3.98.

Institutional Investors Weigh In On Hut 8

A number of hedge funds have recently added to or reduced their stakes in HUT. Van ECK Associates Corp boosted its stake in Hut 8 by 15.7% during the 3rd quarter. Van ECK Associates Corp now owns 2,198,471 shares of the company's stock valued at $4,287,000 after purchasing an additional 297,552 shares during the last quarter. Qube Research & Technologies Ltd purchased a new position in shares of Hut 8 during the third quarter valued at approximately $3,429,000. Wellington Management Group LLP grew its holdings in Hut 8 by 203.4% during the third quarter. Wellington Management Group LLP now owns 1,125,958 shares of the company's stock worth $2,224,000 after buying an additional 754,891 shares in the last quarter. Westend Capital Management LLC purchased a new stake in Hut 8 in the 1st quarter valued at $5,190,000. Finally, TD Asset Management Inc lifted its stake in Hut 8 by 2.7% during the 3rd quarter. TD Asset Management Inc now owns 203,130 shares of the company's stock valued at $401,000 after acquiring an additional 5,373 shares in the last quarter. 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.