Hut 8 (NASDAQ:HUT) Reaches New 52-Week High – Still a Buy?

Hut 8 Corp. (NASDAQ:HUT)’s share price reached a new 52-week high on Wednesday . The company traded as high as $28.72 and last traded at $28.43, with a volume of 10393728 shares traded. The stock had previously closed at $24.42.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on HUT shares. Benchmark increased their target price on Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Craig Hallum increased their price objective on Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Needham & Company LLC upped their price objective on Hut 8 from $21.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Stifel Nicolaus increased their price objective on shares of Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a report on Wednesday, October 30th. Finally, HC Wainwright raised their price objective on shares of Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $30.17.

Hut 8 Stock Up 16.7 %

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 firm’s 50 day moving average is $16.44 and its 200 day moving average is $13.82.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of HUT. Foundations Investment Advisors LLC lifted its position in Hut 8 by 2.0% during the second quarter. Foundations Investment Advisors LLC now owns 48,728 shares of the company’s stock worth $730,000 after acquiring an additional 949 shares during the last quarter. AM Investment Strategies LLC boosted its position in Hut 8 by 3.6% during the third quarter. AM Investment Strategies LLC now owns 44,000 shares of the company’s stock valued at $539,000 after acquiring an additional 1,521 shares during the last quarter. Amalgamated Bank acquired a new position in shares of Hut 8 during the second quarter valued at about $42,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Hut 8 by 27.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,223 shares of the company’s stock worth $213,000 after acquiring an additional 3,105 shares during the last quarter. Finally, Capital Performance Advisors LLP bought a new stake in shares of Hut 8 during the 3rd quarter worth $40,000. Institutional investors 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.