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

Hut 8 Corp. (NASDAQ:HUT) shares gapped up prior to trading 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 changing hands.

Wall Street Analysts Forecast Growth

HUT has been the subject of a number of analyst reports. Piper Sandler began coverage on shares of Hut 8 in a research note on Tuesday, December 17th. They set an “overweight” rating and a $33.00 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $30.00 price objective on shares of Hut 8 in a research report on Tuesday, March 4th. Canaccord Genuity Group reiterated a “buy” rating and issued a $32.00 price objective on shares of Hut 8 in a report on Tuesday, March 4th. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 target price on shares of Hut 8 in a research note on Friday, March 7th. Finally, Benchmark reiterated a “buy” rating and issued a $41.00 price target on shares of Hut 8 in a research note on Tuesday, January 7th. Ten equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Hut 8 presently has a consensus rating of “Buy” and a consensus price target of $29.89.

Hut 8 Price 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 stock has a 50 day simple moving average of $16.89 and a two-hundred day simple moving average of $19.03.

Institutional Trading of Hut 8

A number of large investors have recently bought and sold shares of the business. Intech Investment Management LLC purchased a new stake in shares of Hut 8 in the third quarter valued at about $133,000. Charles Schwab Investment Management Inc. raised its stake 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 valued at $10,215,000 after acquiring an additional 197,074 shares during the last quarter. BNP Paribas Financial Markets raised its stake in Hut 8 by 24.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 18,520 shares of the company’s stock valued at $227,000 after acquiring an additional 3,653 shares during the last quarter. MetLife Investment Management LLC lifted its position in Hut 8 by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 46,719 shares of the company’s stock worth $573,000 after acquiring an additional 26,324 shares during the period. Finally, Paloma Partners Management Co purchased a new position in shares of Hut 8 in the 3rd quarter valued at approximately $834,000. 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.