Hut 8 (NASDAQ:HUT) Shares Gap Up Following Analyst Upgrade

Shares of Hut 8 Corp. (NASDAQ:HUT) gapped up before the market opened on Tuesday after Needham & Company LLC raised their price target on the stock from $32.00 to $38.00. The stock had previously closed at $29.06, but opened at $30.27. Needham & Company LLC currently has a buy rating on the stock. Hut 8 shares last traded at $29.89, with a volume of 966,927 shares traded.

A number of other research firms have also weighed in on HUT. Canaccord Genuity Group upped their price objective on shares of Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Stifel Nicolaus upped their price objective on shares of Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a report on Wednesday, October 30th. HC Wainwright lifted their target price on shares of Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Craig Hallum raised their price target on shares of Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Finally, Benchmark upped their price objective on Hut 8 from $17.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $31.88.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Foundations Investment Advisors LLC boosted its position in Hut 8 by 2.0% in the 2nd quarter. Foundations Investment Advisors LLC now owns 48,728 shares of the company’s stock valued at $730,000 after buying an additional 949 shares during the period. AM Investment Strategies LLC grew its stake in Hut 8 by 3.6% during the 3rd 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 in the last quarter. Amalgamated Bank purchased a new stake in Hut 8 during the 2nd quarter worth about $42,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Hut 8 by 27.9% during the 2nd 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 last quarter. Finally, Capital Performance Advisors LLP acquired a new position in shares of Hut 8 during the third quarter worth $40,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

Hut 8 Stock Performance

The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. The firm has a fifty day moving average of $20.78 and a 200 day moving average of $15.64.

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.