Hut 8 (NASDAQ:HUT) Shares Gap Up – What’s Next?

Hut 8 Corp. (NASDAQ:HUT)’s share price gapped up before the market opened 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.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Piper Sandler assumed coverage on Hut 8 in a research note on Tuesday, December 17th. They set an “overweight” rating and a $33.00 price target for the company. Stifel Nicolaus increased their target price on Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research report on Wednesday, October 30th. HC Wainwright boosted their price target on shares of Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Craig Hallum lifted their price objective on shares of Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, Canaccord Genuity Group upped their target price on shares of Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $31.88.

Hut 8 Stock Performance

The stock’s 50-day moving average is $22.38 and its two-hundred day moving average is $16.28. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00.

Hedge Funds Weigh In On Hut 8

A number of large investors have recently bought and sold shares of the business. Foundations Investment Advisors LLC lifted its position in shares of Hut 8 by 2.0% during the second quarter. Foundations Investment Advisors LLC now owns 48,728 shares of the company’s stock worth $730,000 after purchasing an additional 949 shares during the last quarter. AM Investment Strategies LLC lifted its holdings in Hut 8 by 3.6% during the 3rd quarter. AM Investment Strategies LLC now owns 44,000 shares of the company’s stock valued at $539,000 after buying an additional 1,521 shares in the last quarter. Amalgamated Bank purchased a new stake in Hut 8 in the 2nd quarter valued at about $42,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Hut 8 by 27.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,223 shares of the company’s stock worth $213,000 after acquiring an additional 3,105 shares in the last quarter. Finally, Capital Performance Advisors LLP purchased a new position in shares of Hut 8 during the third quarter worth approximately $40,000. 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.