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

Hut 8 Corp. (NASDAQ:HUT)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $21.51, but opened at $22.54. Hut 8 shares last traded at $21.66, with a volume of 791,979 shares trading hands.

Analysts Set New Price Targets

Several research firms recently issued reports on HUT. Cantor Fitzgerald began coverage on shares of Hut 8 in a report on Monday, December 9th. They set an “overweight” rating and a $35.00 price objective for the company. 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 report on Thursday, November 14th. Craig Hallum lifted their price objective on Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Canaccord Genuity Group increased their target price on Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Finally, Piper Sandler began coverage on Hut 8 in a report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 target price on the stock. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $31.88.

Hut 8 Stock Performance

The firm has a 50 day moving average of $23.31 and a 200-day moving average of $16.72. 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

A number of institutional investors have recently bought and sold shares of the business. State Street Corp boosted its holdings in Hut 8 by 12.6% during the third quarter. State Street Corp now owns 2,740,769 shares of the company’s stock valued at $33,602,000 after purchasing an additional 307,292 shares in the last quarter. JAT Capital Mgmt LP acquired a new stake in Hut 8 in the 3rd quarter valued at $32,260,000. Geode Capital Management LLC grew its position 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 acquiring an additional 381,720 shares during the period. D1 Capital Partners L.P. acquired a new position in Hut 8 during the second quarter worth $17,388,000. Finally, Charles Schwab Investment Management Inc. raised its stake in Hut 8 by 31.0% during the third 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 in the last quarter. Institutional investors and hedge funds own 31.75% of the company’s stock.

About Hut 8

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.