Hut 8 (NASDAQ:HUT) Trading 4% Higher

Hut 8 Corp. (NASDAQ:HUT)’s share price rose 4% during trading on Wednesday . The company traded as high as $7.53 and last traded at $7.53. Approximately 1,152,899 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 5,277,162 shares. The stock had previously closed at $7.24.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Stifel Nicolaus boosted their price target on Hut 8 from $3.25 to $15.00 and gave the company a “speculative buy” rating in a research note on Monday, January 8th. Canaccord Genuity Group decreased their price target on Hut 8 from $17.50 to $14.00 and set a “buy” rating for the company in a report on Friday, April 5th. HC Wainwright upped their price target on Hut 8 from $7.00 to $9.00 and gave the stock a “sell” rating in a report on Thursday, March 28th. Needham & Company LLC restated a “buy” rating and issued a $12.00 price objective on shares of Hut 8 in a research note on Monday, April 1st. Finally, Craig Hallum upped their price target on Hut 8 from $10.00 to $12.00 and gave the company a “hold” rating in a research report on Monday, April 1st. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $12.40.

Hut 8 Trading Up 4.0 %

The stock has a 50 day moving average price of $8.68 and a 200 day moving average price of $7.12. The company has a market cap of $671.98 million, a PE ratio of -2.63 and a beta of 3.91. The company has a current ratio of 4.61, a quick ratio of 4.61 and a debt-to-equity ratio of 0.04.

Institutional Trading of Hut 8

Several large investors have recently modified their holdings of HUT. Engineers Gate Manager LP purchased a new stake in Hut 8 during the fourth quarter worth $27,000. Quantbot Technologies LP purchased a new stake in Hut 8 during the 1st quarter worth approximately $28,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Hut 8 during the 2nd quarter worth approximately $28,000. Golden Green Inc. acquired a new position in shares of Hut 8 during the 3rd quarter worth approximately $29,000. Finally, Two Sigma Investments LP acquired a new position in shares of Hut 8 during the 4th quarter worth approximately $33,000. Institutional investors own 31.75% of the company’s stock.

About Hut 8

Hut 8 Corp. provides digital asset mining and high-performance computing infrastructure solutions in Canada. It operates computing infrastructure sites mines Bitcoin, as well as delivers cloud, colocation, and computing services to enterprise customers. The company was founded in 2017 and is based in Miami, Florida.