Hut 8 (NASDAQ:HUT) Sees Unusually-High Trading Volume on Analyst Upgrade

Hut 8 Corp. (NASDAQ:HUT) shares saw an uptick in trading volume on Thursday after HC Wainwright raised their price target on the stock from $7.00 to $9.00. HC Wainwright currently has a sell rating on the stock. 7,139,876 shares traded hands during trading, an increase of 27% from the previous session’s volume of 5,612,707 shares.The stock last traded at $12.10 and had previously closed at $9.86.

A number of other equities research analysts also recently weighed in on HUT. Stifel Nicolaus raised their price target on Hut 8 from $3.25 to $15.00 and gave the stock a “speculative buy” rating in a research note on Monday, January 8th. Needham & Company LLC began coverage on Hut 8 in a research note on Monday, March 18th. They set a “buy” rating and a $12.00 price target for the company.

Institutional Trading of Hut 8

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HUT. State Street Corp grew its holdings in Hut 8 by 327.4% in the 2nd quarter. State Street Corp now owns 6,856,582 shares of the company’s stock valued at $22,627,000 after buying an additional 5,252,265 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Hut 8 during the 2nd quarter worth approximately $3,697,000. Qube Research & Technologies Ltd acquired a new stake in shares of Hut 8 during the 3rd quarter worth approximately $3,429,000. American Century Companies Inc. grew its holdings in shares of Hut 8 by 2,375.8% during the 1st quarter. American Century Companies Inc. now owns 1,005,178 shares of the company’s stock worth $1,740,000 after purchasing an additional 964,578 shares in the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of Hut 8 by 203.4% during the 3rd quarter. Wellington Management Group LLP now owns 1,125,958 shares of the company’s stock worth $2,224,000 after purchasing an additional 754,891 shares in the last quarter. Institutional investors and hedge funds own 31.75% of the company’s stock.

Hut 8 Price Performance

The company has a market cap of $489.62 million, a price-to-earnings ratio of -4.25 and a beta of 3.86. The company has a fifty day moving average price of $8.18 and a two-hundred day moving average price of $6.43. The company has a current ratio of 4.61, a quick ratio of 4.61 and a debt-to-equity ratio of 0.04.

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.