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

Hut 8 Corp. (NASDAQ:HUT) shares gapped up prior to trading on Monday . The stock had previously closed at $14.75, but opened at $16.51. Hut 8 shares last traded at $15.80, with a volume of 2,066,728 shares changing hands.

Analysts Set New Price Targets

Several research analysts have recently issued reports on HUT shares. Benchmark restated a “buy” rating and set a $41.00 price objective on shares of Hut 8 in a report on Tuesday, January 7th. Cantor Fitzgerald restated an “overweight” rating and set a $35.00 price target on shares of Hut 8 in a research note on Tuesday, January 7th. HC Wainwright cut their price target on Hut 8 from $35.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday. Keefe, Bruyette & Woods assumed coverage on Hut 8 in a report on Wednesday, January 8th. They set an “outperform” rating on the stock. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $32.00 target price on shares of Hut 8 in a research note on Tuesday. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $31.38.

Hut 8 Price Performance

The firm has a 50 day simple moving average of $21.40 and a 200-day simple moving average of $18.74. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00.

Institutional Investors Weigh In On Hut 8

Hedge funds have recently made changes to their positions in the company. Capital Performance Advisors LLP acquired a new position in Hut 8 in the third quarter valued at about $40,000. Entropy Technologies LP bought a new position in shares of Hut 8 in the third quarter valued at approximately $170,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Hut 8 in the 3rd quarter worth approximately $9,997,000. Intech Investment Management LLC bought a new stake in Hut 8 during the 3rd quarter worth approximately $133,000. Finally, Charles Schwab Investment Management Inc. grew its position in Hut 8 by 31.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 833,165 shares of the company’s stock worth $10,215,000 after acquiring an additional 197,074 shares during the last quarter. 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.