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

Shares of Hut 8 Corp. (NASDAQ:HUT) gapped up before the market opened on Monday . The stock had previously closed at $11.72, but opened at $12.30. Hut 8 shares last traded at $12.21, with a volume of 2,605,392 shares.

Analyst Ratings Changes

Several analysts have commented on the company. Piper Sandler initiated coverage on Hut 8 in a report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price objective on the stock. Keefe, Bruyette & Woods started coverage on shares of Hut 8 in a report on Wednesday, January 8th. They issued an “outperform” rating for the company. Benchmark reaffirmed a “buy” rating and set a $41.00 price objective on shares of Hut 8 in a report on Tuesday, January 7th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price objective on shares of Hut 8 in a report on Friday, March 7th. Finally, Rosenblatt Securities started coverage on shares of Hut 8 in a report on Friday, March 7th. They set a “buy” rating and a $23.00 target price for the company. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $29.89.

Hut 8 Stock Performance

The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. The business has a fifty day moving average of $17.45 and a 200 day moving average of $19.01.

Institutional Trading of Hut 8

Institutional investors and hedge funds have recently bought and sold shares of the business. Jericho Capital Asset Management L.P. acquired a new position in shares of Hut 8 in the fourth quarter worth $37,400,000. D. E. Shaw & Co. Inc. purchased a new position in Hut 8 in the fourth quarter valued at $27,115,000. Voloridge Investment Management LLC acquired a new position in Hut 8 during the 4th quarter worth $24,170,000. Arrowstreet Capital Limited Partnership purchased a new stake in Hut 8 during the 4th quarter worth about $23,009,000. Finally, Invesco Ltd. raised its position in Hut 8 by 1,408.8% in the 4th quarter. Invesco Ltd. now owns 936,650 shares of the company’s stock valued at $19,192,000 after purchasing an additional 874,572 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.