Hut 8 (NASDAQ:HUT) Stock Price Up 8.6% – Here’s What Happened

Hut 8 Corp. (NASDAQ:HUT) shares traded up 8.6% during mid-day trading on Tuesday . The stock traded as high as $58.81 and last traded at $58.6780. 2,678,177 shares were traded during mid-day trading, a decline of 49% from the average session volume of 5,293,124 shares. The stock had previously closed at $54.03.

Wall Street Analyst Weigh In

Several brokerages recently commented on HUT. Craig Hallum reissued a “buy” rating and set a $80.00 price objective on shares of Hut 8 in a research report on Thursday, December 18th. Canaccord Genuity Group increased their price target on shares of Hut 8 from $54.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, December 18th. Benchmark reissued a “buy” rating on shares of Hut 8 in a research report on Wednesday, December 17th. B. Riley Financial upped their price objective on Hut 8 from $61.00 to $76.00 and gave the company a “buy” rating in a research report on Friday, January 9th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $65.00 target price on shares of Hut 8 in a research note on Thursday, December 18th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $64.69.

Hut 8 Trading Up 10.2%

The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $6.43 billion, a PE ratio of -152.65 and a beta of 4.42. The stock has a 50 day moving average price of $53.93 and a 200-day moving average price of $43.24.

Institutional Trading of Hut 8

Several large investors have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC increased its stake in shares of Hut 8 by 1.6% in the 4th quarter. Nisa Investment Advisors LLC now owns 15,969 shares of the company’s stock worth $734,000 after purchasing an additional 254 shares in the last quarter. CWM LLC grew its holdings in Hut 8 by 37.4% during the fourth quarter. CWM LLC now owns 1,106 shares of the company’s stock valued at $51,000 after purchasing an additional 301 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Hut 8 by 3.5% in the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 9,500 shares of the company’s stock worth $331,000 after buying an additional 321 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Hut 8 by 1.7% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,685 shares of the company’s stock valued at $996,000 after buying an additional 362 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC grew its stake in shares of Hut 8 by 4.5% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 8,992 shares of the company’s stock valued at $413,000 after acquiring an additional 388 shares during the period. 31.75% of the stock is currently owned by institutional investors.

Hut 8 Company Profile

Hut 8 Corp., trading on the Nasdaq under the symbol HUT, is a North American digital infrastructure company specializing in cryptocurrency mining and high‐performance computing. Founded in 2017 and headquartered in Toronto, Canada, Hut 8 operates purpose‐built data centers that house fleets of specialized ASIC and GPU servers. Through its flagship mining facilities in Alberta and Ontario, the company leverages low‐cost, low‐carbon power sources—such as hydroelectric and natural gas—to support sustainable bitcoin production.