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

Hut 8 Corp. (NASDAQ:HUT) shares gapped up prior to trading on Tuesday . The stock had previously closed at $21.65, but opened at $22.92. Hut 8 shares last traded at $23.98, with a volume of 1,692,576 shares changing hands.

Wall Street Analyst Weigh In

HUT has been the topic of a number of recent analyst reports. Craig Hallum increased their price objective on shares of Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Cantor Fitzgerald initiated coverage on Hut 8 in a research report on Monday, December 9th. They set an “overweight” rating and a $35.00 target price on the stock. Needham & Company LLC upped their price objective on shares of Hut 8 from $32.00 to $38.00 and gave the company a “buy” rating in a research note on Tuesday, December 17th. Stifel Nicolaus upped their price target on shares of Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research report on Wednesday, October 30th. Finally, HC Wainwright upped their price objective on Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Hut 8 currently has a consensus rating of “Buy” and an average target price of $31.88.

Hut 8 Stock Performance

The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. The stock’s fifty day simple moving average is $22.13 and its 200-day simple moving average is $16.18.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in HUT. Capital Performance Advisors LLP acquired a new position in shares of Hut 8 in the 3rd quarter valued at $40,000. Amalgamated Bank acquired a new position in Hut 8 in the second quarter valued at $42,000. Intech Investment Management LLC purchased a new stake in Hut 8 during the third quarter valued at about $133,000. Victory Capital Management Inc. acquired a new stake in Hut 8 during the second quarter worth about $154,000. Finally, XTX Topco Ltd acquired a new position in shares of Hut 8 in the 3rd quarter valued at about $162,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

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.