Hut 8 (NASDAQ:HUT) Trading 4% Higher – Still a Buy?

Hut 8 Corp. (NASDAQ:HUT) was up 4% during mid-day trading on Friday . The company traded as high as $28.54 and last traded at $28.41. Approximately 1,009,457 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 5,331,413 shares. The stock had previously closed at $27.32.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on HUT shares. Benchmark raised their target price on shares of Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. HC Wainwright lifted their price objective on Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Needham & Company LLC increased their price objective on shares of Hut 8 from $21.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Canaccord Genuity Group raised their target price on Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Finally, Stifel Nicolaus lifted their target price on Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research report on Wednesday, October 30th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $30.86.

Hut 8 Stock Performance

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 company has a fifty day moving average of $20.43 and a two-hundred day moving average of $15.45.

Institutional Trading of Hut 8

A number of hedge funds have recently made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. bought a new position in Hut 8 in the 3rd quarter valued at approximately $9,997,000. Paloma Partners Management Co acquired a new position in Hut 8 in the 3rd quarter valued at approximately $834,000. MetLife Investment Management LLC raised its stake in shares of Hut 8 by 129.1% during the third quarter. MetLife Investment Management LLC now owns 46,719 shares of the company’s stock valued at $573,000 after acquiring an additional 26,324 shares during the last quarter. D1 Capital Partners L.P. acquired a new position in shares of Hut 8 during the second quarter worth $17,388,000. Finally, Millennium Management LLC lifted its holdings in shares of Hut 8 by 46.4% during the second quarter. Millennium Management LLC now owns 649,518 shares of the company’s stock worth $9,733,000 after purchasing an additional 205,836 shares during the period. 31.75% of the stock is owned by institutional investors and hedge funds.

Hut 8 Company Profile

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.