Hut 8 (NASDAQ:HUT) Shares Up 6.4%

Hut 8 Corp. (NASDAQ:HUTGet Free Report)’s share price shot up 6.4% on Friday . The company traded as high as $9.46 and last traded at $9.43. 1,436,852 shares were traded during mid-day trading, a decline of 69% from the average session volume of 4,574,924 shares. The stock had previously closed at $8.86.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on HUT. Craig Hallum upgraded Hut 8 from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a research report on Thursday, May 16th. Needham & Company LLC increased their target price on shares of Hut 8 from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Thursday, May 16th. Benchmark restated a “buy” rating and set a $12.00 price target on shares of Hut 8 in a research report on Thursday, May 16th. HC Wainwright cut their price objective on shares of Hut 8 from $9.00 to $7.50 and set a “sell” rating for the company in a report on Thursday, May 16th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $14.00 target price on shares of Hut 8 in a research note on Thursday, May 16th. One equities research analyst has rated the stock with a sell rating and five have given a buy rating to the stock. According to MarketBeat.com, Hut 8 presently has an average rating of “Moderate Buy” and a consensus target price of $12.25.

Check Out Our Latest Stock Report on HUT

Hut 8 Price 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 company’s 50 day simple moving average is $8.76 and its 200 day simple moving average is $8.31.

Insider Activity

In other news, CFO Shenif Visram sold 17,905 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $8.15, for a total transaction of $145,925.75. Following the completion of the sale, the chief financial officer now owns 30,865 shares in the company, valued at approximately $251,549.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 12.00% of the company’s stock.

Institutional Investors Weigh In On Hut 8

Several large investors have recently modified their holdings of HUT. Private Advisor Group LLC raised its stake in Hut 8 by 54.7% during the 3rd quarter. Private Advisor Group LLC now owns 18,095 shares of the company’s stock valued at $35,000 after acquiring an additional 6,400 shares during the last quarter. Global Retirement Partners LLC raised its stake in shares of 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 last quarter. Headlands Technologies LLC acquired a new stake in shares of Hut 8 during the third quarter worth $73,000. Triton Wealth Management PLLC grew its position 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 buying an additional 2,490 shares during the last quarter. Finally, AM Investment Strategies LLC acquired a new position in Hut 8 in the 4th quarter valued at $597,000. 31.75% of the stock is owned by institutional investors and hedge funds.

Hut 8 Company Profile

(Get Free Report)

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.

Featured Articles

Receive News & Ratings for Hut 8 Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Hut 8 and related companies with MarketBeat.com's FREE daily email newsletter.