Hut 8 (NASDAQ:HUT) Shares Up 7.9% – Here’s What Happened

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

Analyst Ratings Changes

Several equities analysts have commented on the stock. Wall Street Zen raised shares of Hut 8 from a “sell” rating to a “hold” rating in a research report on Saturday, January 31st. Weiss Ratings restated a “hold (c-)” rating on shares of Hut 8 in a report on Monday, December 29th. Craig Hallum reiterated a “buy” rating and issued a $80.00 target price on shares of Hut 8 in a research note on Thursday, December 18th. Piper Sandler restated an “overweight” rating on shares of Hut 8 in a research note on Thursday, December 18th. Finally, Northland Securities set a $58.00 price target on shares of Hut 8 in a report on Wednesday, November 5th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Hut 8 presently has a consensus rating of “Buy” and a consensus target price of $62.35.

Hut 8 Trading Up 4.9%

The firm’s 50 day moving average is $52.39 and its 200 day moving average is $41.29. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.72 and a quick ratio of 0.72. The company has a market cap of $5.78 billion, a PE ratio of -137.96 and a beta of 4.42.

Institutional Inflows and Outflows

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