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

Hut 8 Corp. (NASDAQ:HUT)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $21.51, but opened at $22.54. Hut 8 shares last traded at $21.66, with a volume of 791,979 shares.

Analyst Upgrades and Downgrades

HUT has been the topic of a number of recent research reports. Canaccord Genuity Group lifted their price objective on Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Cantor Fitzgerald assumed coverage on shares of Hut 8 in a research report on Monday, December 9th. They issued an “overweight” rating and a $35.00 price target on the stock. Needham & Company LLC raised their price objective on shares of Hut 8 from $32.00 to $38.00 and gave the stock a “buy” rating in a report on Tuesday, December 17th. Piper Sandler assumed coverage on shares of Hut 8 in a research note on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 target price for the company. Finally, Craig Hallum increased their price target on Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Eight 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 an average target price of $31.88.

Hut 8 Price Performance

The firm’s 50-day moving average is $23.11 and its two-hundred day moving average is $16.63. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35.

Hedge Funds Weigh In On Hut 8

Several large investors have recently made changes to their positions in the company. Barclays PLC increased its position in Hut 8 by 29.7% in the third quarter. Barclays PLC now owns 124,527 shares of the company’s stock worth $1,526,000 after purchasing an additional 28,532 shares during the period. Geode Capital Management LLC boosted its stake in shares of Hut 8 by 21.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock valued at $26,902,000 after purchasing an additional 381,720 shares during the last quarter. Y Intercept Hong Kong Ltd grew its position in shares of Hut 8 by 25.6% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 60,492 shares of the company’s stock worth $742,000 after buying an additional 12,314 shares during the period. XTX Topco Ltd bought a new stake in shares of Hut 8 during the third quarter worth approximately $162,000. Finally, State Street Corp lifted its holdings in Hut 8 by 12.6% in the third quarter. State Street Corp now owns 2,740,769 shares of the company’s stock valued at $33,602,000 after buying an additional 307,292 shares during the period. Institutional investors and hedge funds own 31.75% of the company’s stock.

Hut 8 Company Profile

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.