Hut 8 (NASDAQ:HUT) Trading 8.6% Higher – Should You Buy?

Hut 8 Corp. (NASDAQ:HUT)’s stock price was up 8.6% during trading on Tuesday . The stock traded as high as $58.81 and last traded at $58.6780. Approximately 2,678,177 shares traded hands during trading, a decline of 49% from the average daily volume of 5,293,124 shares. The stock had previously closed at $54.03.

Analysts Set New Price Targets

Several research firms have issued reports on HUT. Wall Street Zen upgraded shares of Hut 8 from a “sell” rating to a “hold” rating in a research note on Saturday, January 31st. Needham & Company LLC restated a “buy” rating and set a $60.00 target price on shares of Hut 8 in a research report on Friday, January 16th. Keefe, Bruyette & Woods raised their price target on Hut 8 from $55.00 to $75.00 and gave the company a “moderate buy” rating in a report on Tuesday, January 27th. Canaccord Genuity Group lifted their price target on Hut 8 from $54.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, December 18th. Finally, BTIG Research restated a “buy” rating and issued a $55.00 price objective on shares of Hut 8 in a research report on Wednesday, December 17th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $64.69.

Hut 8 Stock Performance

The company has a market cap of $6.43 billion, a P/E ratio of -152.65 and a beta of 4.42. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.72 and a current ratio of 0.72. The business has a 50 day moving average price of $53.93 and a two-hundred day moving average price of $43.24.

Institutional Investors Weigh In On Hut 8

Several hedge funds have recently made changes to their positions in HUT. Nisa Investment Advisors LLC increased its stake in shares of Hut 8 by 116.4% during the second quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company’s stock valued at $28,000 after purchasing an additional 815 shares in the last quarter. Advisors Asset Management Inc. increased its position in Hut 8 by 68.4% during the 2nd quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company’s stock valued at $30,000 after buying an additional 655 shares in the last quarter. GAMMA Investing LLC bought a new position in Hut 8 during the 4th quarter valued at approximately $30,000. Imprint Wealth LLC purchased a new position in Hut 8 during the fourth quarter valued at $38,000. Finally, Russell Investments Group Ltd. boosted its holdings in Hut 8 by 235.8% in the second quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock worth $46,000 after acquiring an additional 1,719 shares in the last quarter. 31.75% of the stock is currently owned by institutional investors.

About Hut 8

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.