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

Hut 8 Corp. (NASDAQ:HUT)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $23.86, but opened at $25.47. Hut 8 shares last traded at $28.06, with a volume of 3,506,216 shares traded.

Analyst Upgrades and Downgrades

HUT has been the subject of several analyst reports. Craig Hallum raised their target price on Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday. Canaccord Genuity Group raised their price target on Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a report on Thursday. HC Wainwright raised their price target on Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a report on Thursday. Stifel Nicolaus raised their price target on Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a report on Wednesday, October 30th. Finally, Needham & Company LLC raised their price target on Hut 8 from $21.00 to $32.00 and gave the company a “buy” rating in a report on Thursday. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Hut 8 has an average rating of “Buy” and an average price target of $30.17.

Hut 8 Stock Down 6.6 %

The company has a 50 day moving average price of $13.87 and a 200 day moving average price of $12.74. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.68 and a quick ratio of 1.68.

Hut 8 (NASDAQ:HUT) last released its earnings results on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.09) by $0.11. The firm had revenue of $35.22 million during the quarter, compared to analyst estimates of $38.00 million. As a group, equities research analysts expect that Hut 8 Corp. will post -0.55 EPS for the current year.

Institutional Investors Weigh In On Hut 8

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Foundations Investment Advisors LLC grew its stake 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 period. AM Investment Strategies LLC grew its stake in shares of Hut 8 by 3.6% during the third quarter. AM Investment Strategies LLC now owns 44,000 shares of the company’s stock worth $539,000 after purchasing an additional 1,521 shares during the period. Amalgamated Bank acquired a new stake in shares of Hut 8 during the second quarter worth $42,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Hut 8 by 27.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,223 shares of the company’s stock worth $213,000 after purchasing an additional 3,105 shares during the period. Finally, Capital Performance Advisors LLP acquired a new stake in shares of Hut 8 during the third quarter worth $40,000. 31.75% of the stock is owned by institutional investors and hedge funds.

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.