Hut 8 (NASDAQ:HUT) Shares Gap Up – Still a Buy?

Hut 8 Corp. (NASDAQ:HUT)’s share price gapped up prior to trading on Monday . The stock had previously closed at $14.75, but opened at $16.51. Hut 8 shares last traded at $15.80, with a volume of 2,066,728 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on HUT shares. Craig Hallum boosted their price objective on Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Piper Sandler initiated coverage on Hut 8 in a report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price target for the company. HC Wainwright lifted their price objective on shares of Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Keefe, Bruyette & Woods started coverage on shares of Hut 8 in a research note on Wednesday, January 8th. They set an “outperform” rating for the company. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $35.00 price target on shares of Hut 8 in a research report on Tuesday, January 7th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $33.00.

Hut 8 Stock Up 2.1 %

The firm’s 50-day simple moving average is $21.75 and its 200 day simple moving average is $18.71. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of HUT. Neo Ivy Capital Management acquired a new stake in Hut 8 in the fourth quarter worth about $252,000. Two Seas Capital LP lifted its stake in shares of Hut 8 by 132.7% in the 4th quarter. Two Seas Capital LP now owns 476,808 shares of the company’s stock worth $9,770,000 after acquiring an additional 271,892 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Hut 8 by 25.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 167,469 shares of the company’s stock worth $3,431,000 after acquiring an additional 33,713 shares during the period. Voloridge Investment Management LLC acquired a new position in shares of Hut 8 during the fourth quarter valued at approximately $24,170,000. Finally, Vennlight Capital Management LP bought a new stake in Hut 8 during the fourth quarter worth approximately $2,414,000. 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.