Hut 8 Corp. (NASDAQ:HUT – Get Free Report) shares rose 6.9% on Monday . The company traded as high as $8.87 and last traded at $8.84. Approximately 525,632 shares changed hands during mid-day 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 Analyst Weigh In
HUT has been the subject of a number of analyst reports. Stifel Nicolaus upped their price target on Hut 8 from $3.25 to $15.00 and gave the company a “speculative buy” rating in a research report on Monday, January 8th. Craig Hallum raised their target price on Hut 8 from $10.00 to $12.00 and gave the stock a “hold” rating in a research note on Monday, April 1st. Benchmark began coverage on shares of Hut 8 in a research report on Monday, April 22nd. They set a “buy” rating and a $12.00 price target on the stock. HC Wainwright raised their price objective on shares of Hut 8 from $7.00 to $9.00 and gave the stock a “sell” rating in a research report on Thursday, March 28th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $12.00 target price on shares of Hut 8 in a research note on Monday, April 1st. 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. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $12.33.
Read Our Latest Research Report on HUT
Hut 8 Stock Up 7.0 %
Institutional Trading of Hut 8
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Golden Green Inc. acquired a new stake in shares of Hut 8 in the third quarter valued at $29,000. Private Advisor Group LLC increased its stake in 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. QCM Cayman Ltd. purchased a new stake in Hut 8 during the third quarter worth about $60,000. Global Retirement Partners LLC boosted its stake in shares of Hut 8 by 280.1% in the first quarter. Global Retirement Partners LLC now owns 5,428 shares of the company’s stock valued at $60,000 after purchasing an additional 4,000 shares during the period. Finally, Headlands Technologies LLC acquired a new position in shares of Hut 8 in the third quarter valued at approximately $73,000. Hedge funds and other 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.
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