Hut 8 (NASDAQ:HUT) Shares Gap Up – Should You 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 trading hands.

Analyst Ratings Changes

A number of research firms have recently weighed in on HUT. Stifel Nicolaus raised their price target on Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a research note on Wednesday, October 30th. HC Wainwright lifted their target price on shares of Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Canaccord Genuity Group increased their price target 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. Craig Hallum lifted their price objective on shares of Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Finally, Benchmark increased their target price 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. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $31.88.

Hut 8 Stock Performance

The business has a 50 day moving average price of $23.11 and a 200 day moving average price of $16.63. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00.

Hedge Funds Weigh In On Hut 8

A number of institutional investors and hedge funds have recently bought and sold shares of HUT. Capital Performance Advisors LLP bought a new position in Hut 8 during the third quarter valued at about $40,000. Amalgamated Bank acquired a new position in shares of Hut 8 in the second quarter valued at $42,000. Intech Investment Management LLC bought a new position in Hut 8 in the third quarter worth $133,000. Victory Capital Management Inc. acquired a new stake in Hut 8 during the second quarter worth $154,000. Finally, XTX Topco Ltd acquired a new stake in Hut 8 during the third quarter worth $162,000. Institutional investors 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.