Hut 8 (NASDAQ:HUT) Shares Gap Up – Still a Buy?

Shares of Hut 8 Corp. (NASDAQ:HUT) gapped up before the market opened on Friday . The stock had previously closed at $25.43, but opened at $26.30. Hut 8 shares last traded at $26.46, with a volume of 1,079,600 shares trading hands.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Cantor Fitzgerald reissued an “overweight” rating and set a $35.00 price target on shares of Hut 8 in a research note on Tuesday, January 7th. Benchmark reaffirmed a “buy” rating and issued a $41.00 price objective on shares of Hut 8 in a research report on Tuesday, January 7th. Keefe, Bruyette & Woods initiated coverage on shares of Hut 8 in a report on Wednesday, January 8th. They set an “outperform” rating for the company. Piper Sandler started 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 on the stock. Finally, Stifel Nicolaus increased their target price on Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a report on Wednesday, October 30th. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $33.00.

Hut 8 Price Performance

The company’s 50-day simple moving average is $25.24 and its 200 day simple moving average is $17.84. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. State Street Corp lifted its stake in 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 during the last quarter. JAT Capital Mgmt LP purchased a new stake in shares of Hut 8 during the 3rd quarter worth $32,260,000. Geode Capital Management LLC grew its position in Hut 8 by 21.1% during the third quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock worth $26,902,000 after buying an additional 381,720 shares during the period. Charles Schwab Investment Management Inc. boosted its position 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 purchasing an additional 197,074 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Hut 8 in the 3rd quarter valued at about $9,997,000. 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.