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

Hut 8 Corp. (NASDAQ:HUT) gapped up prior to trading on Friday . The stock had previously closed at $25.43, but opened at $26.30. Hut 8 shares last traded at $26.46, with a volume of 1,079,600 shares changing hands.

Wall Street Analyst Weigh In

Several brokerages have weighed in on HUT. Needham & Company LLC reaffirmed a “buy” rating and issued a $38.00 target price on shares of Hut 8 in a research report on Monday, January 13th. Craig Hallum boosted their price objective on Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Canaccord Genuity Group raised their target price on shares of Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. HC Wainwright lifted their price target on Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $35.00 target price on shares of Hut 8 in a report on Tuesday, January 7th. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $33.00.

Hut 8 Stock Performance

The firm has a 50 day moving average price of $25.24 and a two-hundred day moving average price of $17.84. 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 Investors Weigh In On Hut 8

A number of hedge funds have recently made changes to their positions in the company. JAT Capital Mgmt LP bought a new position in shares of Hut 8 in the third quarter valued at about $32,260,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Hut 8 in the third quarter valued at about $9,997,000. Geode Capital Management LLC lifted its stake in Hut 8 by 21.1% in the third quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock valued at $26,902,000 after buying an additional 381,720 shares during the period. State Street Corp increased its stake in shares of Hut 8 by 12.6% in the 3rd quarter. State Street Corp now owns 2,740,769 shares of the company’s stock valued at $33,602,000 after acquiring an additional 307,292 shares during the last quarter. Finally, Walleye Capital LLC grew its holdings in Hut 8 by 179.7% during the third quarter. Walleye Capital LLC now owns 405,780 shares of the company’s stock valued at $4,975,000 after purchasing an additional 260,695 shares during the period. Institutional investors and hedge funds 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.