Hut 8 (NASDAQ:HUT) Trading 6.9% Higher

Hut 8 Corp. (NASDAQ:HUT) shot up 6.9% on Monday . The company traded as high as $8.87 and last traded at $8.84. 525,632 shares changed hands during trading, a decline of 89% from the average session volume of 4,856,352 shares. The stock had previously closed at $8.27.

Analyst Ratings Changes

HUT has been the subject of several recent analyst reports. Craig Hallum increased their price objective on shares of Hut 8 from $10.00 to $12.00 and gave the company a “hold” rating in a report on Monday, April 1st. Benchmark reaffirmed a “buy” rating and set a $12.00 target price on shares of Hut 8 in a research note on Tuesday. Needham & Company LLC reissued a “buy” rating and issued a $12.00 price target on shares of Hut 8 in a report on Monday, April 1st. Canaccord Genuity Group cut their target price on shares of Hut 8 from $17.50 to $14.00 and set a “buy” rating for the company in a research note on Friday, April 5th. Finally, HC Wainwright upped their price target on Hut 8 from $7.00 to $9.00 and gave the company a “sell” rating in a report on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. Based on 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 Performance

The company has a debt-to-equity ratio of 0.04, a current ratio of 4.61 and a quick ratio of 4.61. The firm has a market capitalization of $732.87 million, a P/E ratio of -2.91 and a beta of 3.98. The stock’s 50 day moving average is $8.55 and its two-hundred day moving average is $7.85.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Global Retirement Partners LLC boosted its position in Hut 8 by 280.1% during the first quarter. Global Retirement Partners LLC now owns 5,428 shares of the company’s stock worth $60,000 after purchasing an additional 4,000 shares during the period. Triton Wealth Management PLLC raised its holdings in Hut 8 by 24.9% in the 1st quarter. Triton Wealth Management PLLC now owns 12,490 shares of the company’s stock valued at $138,000 after acquiring an additional 2,490 shares during the period. Golden Green Inc. bought a new stake in shares of Hut 8 during the third quarter worth approximately $29,000. Private Advisor Group LLC increased its stake in shares of Hut 8 by 54.7% during the third quarter. Private Advisor Group LLC now owns 18,095 shares of the company’s stock worth $35,000 after purchasing an additional 6,400 shares during the period. Finally, Headlands Technologies LLC acquired a new stake in Hut 8 during the 1st quarter worth approximately $255,000. 31.75% of the stock is owned by institutional investors and hedge funds.

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.