Hut 8 (NASDAQ:HUT) Shares Gap Up After Analyst Upgrade

Hut 8 Corp. (NASDAQ:HUT)’s share price gapped up before the market opened on Tuesday after Needham & Company LLC raised their price target on the stock from $32.00 to $38.00. The stock had previously closed at $29.06, but opened at $30.27. Needham & Company LLC currently has a buy rating on the stock. Hut 8 shares last traded at $29.89, with a volume of 966,927 shares trading hands.

Other equities analysts have also issued reports about the stock. Benchmark raised their price target on shares of Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Cantor Fitzgerald initiated coverage on shares of Hut 8 in a report on Monday, December 9th. They set an “overweight” rating and a $35.00 target price for the company. Canaccord Genuity Group upped their price target on shares of Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. HC Wainwright increased their price target on Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, Craig Hallum boosted their price objective on Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $31.88.

Institutional Trading of Hut 8

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

Hut 8 Stock Performance

The company’s 50-day moving average price is $21.14 and its 200 day moving average price is $15.78. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35.

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.