Hut 8 Corp. (NASDAQ:HUT – Get Free Report)’s stock price rose 4% on Wednesday . The stock traded as high as $7.53 and last traded at $7.53. Approximately 1,152,899 shares changed hands during trading, a decline of 78% from the average daily volume of 5,277,162 shares. The stock had previously closed at $7.24.
Wall Street Analyst Weigh In
HUT has been the subject of several research reports. HC Wainwright raised their price objective on shares of Hut 8 from $7.00 to $9.00 and gave the company a “sell” rating in a research report on Thursday, March 28th. Needham & Company LLC restated a “buy” rating and set a $12.00 price objective on shares of Hut 8 in a research report on Monday, April 1st. Canaccord Genuity Group reduced their price objective on shares of Hut 8 from $17.50 to $14.00 and set a “buy” rating for the company in a research report on Friday, April 5th. Stifel Nicolaus raised their price objective on shares of Hut 8 from $3.25 to $15.00 and gave the company a “speculative buy” rating in a research report on Monday, January 8th. Finally, Craig Hallum raised their price objective on shares of Hut 8 from $10.00 to $12.00 and gave the company a “hold” rating in a research report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $12.40.
Get Our Latest Research Report on HUT
Hut 8 Stock Performance
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Van ECK Associates Corp lifted its position in shares of Hut 8 by 15.7% in the third quarter. Van ECK Associates Corp now owns 2,198,471 shares of the company’s stock worth $4,287,000 after purchasing an additional 297,552 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Hut 8 by 203.4% in the third quarter. Wellington Management Group LLP now owns 1,125,958 shares of the company’s stock worth $2,224,000 after acquiring an additional 754,891 shares during the last quarter. GSG Advisors LLC acquired a new stake in shares of Hut 8 in the third quarter worth $273,000. SteelPeak Wealth LLC acquired a new stake in shares of Hut 8 in the third quarter worth $393,000. Finally, Qube Research & Technologies Ltd acquired a new stake in shares of Hut 8 in the third quarter worth $3,429,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.
About Hut 8
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.
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