Hut 8 (NASDAQ:HUT) Shares Gap Up – Time to Buy?

Hut 8 Corp. (NASDAQ:HUT) 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 traded.

Analyst Ratings Changes

HUT has been the topic of a number of recent analyst reports. Canaccord Genuity Group boosted their target price on Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Craig Hallum boosted their price objective on Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Cantor Fitzgerald started coverage on shares of Hut 8 in a report on Monday, December 9th. They issued an “overweight” rating and a $35.00 target price for the company. Piper Sandler started coverage on shares of Hut 8 in a report on Tuesday, December 17th. They set an “overweight” rating and a $33.00 price target on the stock. Finally, 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 research report on Thursday, November 14th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $31.88.

Hut 8 Trading Down 4.7 %

The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. The stock’s 50-day moving average is $23.31 and its 200 day moving average is $16.72.

Institutional Trading of Hut 8

Institutional investors have recently bought and sold shares of the company. Capital Performance Advisors LLP acquired a new stake in Hut 8 in the third quarter valued at approximately $40,000. Amalgamated Bank acquired a new stake in shares of Hut 8 in the 2nd quarter valued at $42,000. Intech Investment Management LLC acquired a new stake in shares of Hut 8 in the 3rd quarter valued at $133,000. Victory Capital Management Inc. bought a new stake in Hut 8 in the second quarter worth $154,000. Finally, XTX Topco Ltd acquired a new stake in shares of Hut 8 in the third quarter worth about $162,000. 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.