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

Hut 8 Corp. (NASDAQ:HUT) gapped up before the market opened on Thursday . The stock had previously closed at $24.46, but opened at $26.05. Hut 8 shares last traded at $25.19, with a volume of 760,602 shares traded.

Analyst Ratings Changes

A number of analysts recently issued reports on HUT shares. HC Wainwright raised their price objective on shares of Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Canaccord Genuity Group lifted their target price on shares of Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Benchmark lifted their target price on shares of Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Craig Hallum lifted their target price on shares of Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, Stifel Nicolaus lifted their target price on shares of Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a research note on Wednesday, October 30th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $30.17.

Hut 8 Stock Performance

The stock’s fifty day moving average is $15.60 and its two-hundred day moving average is $13.39. 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 Trading of Hut 8

Hedge funds and other institutional investors have recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Hut 8 during the 3rd quarter worth approximately $9,997,000. D1 Capital Partners L.P. purchased a new position in Hut 8 in the 2nd quarter worth approximately $17,388,000. Vanguard Group Inc. grew its stake in Hut 8 by 8,329.2% in the 1st quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock worth $30,770,000 after buying an additional 2,754,037 shares in the last quarter. Millennium Management LLC grew its stake in Hut 8 by 46.4% in the 2nd quarter. Millennium Management LLC now owns 649,518 shares of the company’s stock worth $9,733,000 after buying an additional 205,836 shares in the last quarter. Finally, Ninepoint Partners LP purchased a new position in Hut 8 in the 2nd quarter worth approximately $720,000. Institutional investors 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.