Hut 8 (NASDAQ:HUT) Stock Price Up 6.4%

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

Analyst Upgrades and Downgrades

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

Hut 8 Stock Up 4.7 %

The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.61 and a current ratio of 4.61. The firm’s fifty day moving average price is $8.80 and its two-hundred day moving average price is $8.40.

Insider Buying and Selling at Hut 8

In related news, CFO Shenif Visram sold 17,905 shares of the company’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $8.15, for a total value of $145,925.75. Following the completion of the transaction, the chief financial officer now owns 30,865 shares of the company’s stock, valued at approximately $251,549.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 12.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Hut 8

Large investors have recently added to or reduced their stakes in the stock. Triton Wealth Management PLLC raised its holdings in shares of Hut 8 by 24.9% during the first quarter. Triton Wealth Management PLLC now owns 12,490 shares of the company’s stock valued at $138,000 after acquiring an additional 2,490 shares during the last quarter. Global Retirement Partners LLC raised its stake in Hut 8 by 280.1% in the 1st 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 last quarter. Private Advisor Group LLC lifted its holdings in Hut 8 by 54.7% in the 3rd quarter. Private Advisor Group LLC now owns 18,095 shares of the company’s stock valued at $35,000 after purchasing an additional 6,400 shares in the last quarter. Headlands Technologies LLC acquired a new stake in Hut 8 during the 1st quarter worth $255,000. Finally, AM Investment Strategies LLC purchased a new stake in shares of Hut 8 during the fourth quarter worth $597,000. 31.75% of the stock is currently 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.