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

Hut 8 Corp. (NASDAQ:HUT)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $22.93, but opened at $24.30. Hut 8 shares last traded at $24.14, with a volume of 819,802 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on HUT. Craig Hallum raised their price objective on shares of Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $38.00 price objective on shares of Hut 8 in a research note on Monday. Canaccord Genuity Group increased their target price on shares of Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Benchmark reaffirmed a “buy” rating and issued a $41.00 price target on shares of Hut 8 in a research report on Tuesday, January 7th. Finally, HC Wainwright increased their price objective on Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Hut 8 currently has a consensus rating of “Buy” and a consensus price target of $33.00.

Hut 8 Trading Up 7.6 %

The company has a 50-day simple moving average of $24.53 and a 200 day simple moving average of $17.35. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35.

Institutional Trading of Hut 8

A number of institutional investors and hedge funds have recently modified their holdings of the company. Capital Performance Advisors LLP bought a new position in Hut 8 during the 3rd quarter valued at about $40,000. Amalgamated Bank bought a new position in shares of Hut 8 in the second quarter valued at approximately $42,000. Intech Investment Management LLC acquired a new position in shares of Hut 8 in the 3rd quarter worth approximately $133,000. Victory Capital Management Inc. bought a new stake in Hut 8 during the 2nd quarter worth approximately $154,000. Finally, XTX Topco Ltd acquired a new stake in Hut 8 during the 3rd quarter valued at $162,000. 31.75% of the stock is currently owned by 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.