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

Hut 8 Corp. (NASDAQ:HUT) 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 were traded 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.

Several other analysts have also commented on HUT. Needham & Company LLC assumed coverage on shares of Hut 8 in a research report on Monday, March 18th. They set a “buy” rating and a $12.00 price target for the company. Stifel Nicolaus upped their price objective on Hut 8 from $3.25 to $15.00 and gave the stock a “speculative buy” rating in a research report on Monday, January 8th.

Institutional Investors Weigh In On Hut 8

Several institutional investors have recently added to or reduced their stakes in HUT. Quantbot Technologies LP acquired a new position in Hut 8 during the first quarter worth approximately $28,000. Citigroup Inc. increased its position in Hut 8 by 1,045.6% during the first quarter. Citigroup Inc. now owns 8,592 shares of the company’s stock worth $47,000 after buying an additional 7,842 shares during the period. D.A. Davidson & CO. acquired a new position in Hut 8 during the first quarter worth approximately $59,000. Private Advisor Group LLC acquired a new position in Hut 8 during the second quarter worth approximately $39,000. Finally, Vontobel Holding Ltd. acquired a new position in shares of Hut 8 in the first quarter valued at approximately $74,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Hut 8 Stock Performance

The stock has a fifty day moving average price of $8.18 and a 200-day moving average price of $6.43. The firm 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 quick ratio of 4.61, a current 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.