Hut 8 (NASDAQ:HUT) Trading Up 7.9% – Here’s Why

Hut 8 Corp. (NASDAQ:HUT)’s stock price rose 7.9% on Friday . The company traded as high as $55.70 and last traded at $55.0040. Approximately 1,278,139 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 5,484,581 shares. The stock had previously closed at $50.97.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on HUT. Wall Street Zen upgraded shares of Hut 8 from a “sell” rating to a “hold” rating in a report on Saturday, January 31st. Citigroup reissued an “outperform” rating on shares of Hut 8 in a research note on Tuesday, October 21st. B. Riley Financial raised their price objective on Hut 8 from $61.00 to $76.00 and gave the company a “buy” rating in a research note on Friday, January 9th. Needham & Company LLC reissued a “buy” rating and issued a $60.00 target price on shares of Hut 8 in a research note on Friday, January 16th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Hut 8 in a research report on Monday, December 29th. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, Hut 8 has an average rating of “Buy” and an average target price of $62.35.

Hut 8 Price Performance

The stock has a market cap of $5.78 billion, a PE ratio of -137.96 and a beta of 4.42. The business has a fifty day simple moving average of $52.39 and a two-hundred day simple moving average of $41.29. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.14.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Rafferty Asset Management LLC bought a new stake in shares of Hut 8 in the 4th quarter worth approximately $226,000. Integrated Wealth Concepts LLC boosted its holdings in Hut 8 by 4.8% in the fourth quarter. Integrated Wealth Concepts LLC now owns 10,028 shares of the company’s stock worth $461,000 after acquiring an additional 456 shares in the last quarter. Itau Unibanco Holding S.A. bought a new position in shares of Hut 8 during the fourth quarter valued at $52,000. Thomist Capital Management LP bought a new position in shares of Hut 8 during the fourth quarter valued at $629,000. Finally, State Street Corp boosted its stake in Hut 8 by 0.7% in the 4th quarter. State Street Corp now owns 2,476,020 shares of the company’s stock worth $113,748,000 after purchasing an additional 18,042 shares in the last quarter. 31.75% of the stock is currently owned by institutional investors.

Hut 8 Company Profile

Hut 8 Corp., trading on the Nasdaq under the symbol HUT, is a North American digital infrastructure company specializing in cryptocurrency mining and high?performance computing. Founded in 2017 and headquartered in Toronto, Canada, Hut 8 operates purpose?built data centers that house fleets of specialized ASIC and GPU servers. Through its flagship mining facilities in Alberta and Ontario, the company leverages low?cost, low?carbon power sources—such as hydroelectric and natural gas—to support sustainable bitcoin production.