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

Hut 8 Corp. (NASDAQ:HUT) shares gapped up before the market opened on Wednesday . The stock had previously closed at $25.62, but opened at $27.00. Hut 8 shares last traded at $26.48, with a volume of 836,392 shares.

Analyst Ratings Changes

HUT has been the subject of several research reports. Benchmark upped their price target on shares of Hut 8 from $17.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Cantor Fitzgerald started coverage on shares of Hut 8 in a report on Monday. They issued an “overweight” rating and a $35.00 target price for the company. Stifel Nicolaus increased their target price on shares of Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a research note on Wednesday, October 30th. Needham & Company LLC boosted their price target on Hut 8 from $21.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Finally, HC Wainwright increased their price objective on Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Hut 8 has an average rating of “Buy” and a consensus price target of $30.86.

Hut 8 Stock Up 5.5 %

The firm has a fifty day moving average price of $19.52 and a 200 day moving average price of $15.11. 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

Institutional investors have recently made changes to their positions in the stock. JAT Capital Mgmt LP purchased a new stake in shares of Hut 8 during the 3rd quarter worth approximately $32,260,000. D1 Capital Partners L.P. acquired a new position in Hut 8 during the second quarter worth $17,388,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Hut 8 during the third quarter worth $9,997,000. Geode Capital Management LLC grew its holdings 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 purchasing an additional 381,720 shares during the last quarter. Finally, State Street Corp increased its position in shares of 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 in the last quarter. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

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.