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

Hut 8 Corp. (NASDAQ:HUT)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $11.72, but opened at $12.30. Hut 8 shares last traded at $12.21, with a volume of 2,605,392 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on HUT. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 price target on shares of Hut 8 in a report on Friday, March 7th. Benchmark reissued a “buy” rating and issued a $41.00 price target on shares of Hut 8 in a report on Tuesday, January 7th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $32.00 price objective on shares of Hut 8 in a report on Tuesday, March 4th. HC Wainwright cut their price objective on Hut 8 from $35.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. Finally, Needham & Company LLC restated a “buy” rating and set a $30.00 target price on shares of Hut 8 in a research report on Tuesday, March 4th. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $29.89.

Hut 8 Stock Performance

The stock’s fifty day simple moving average is $16.89 and its 200-day simple moving average is $19.03. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35.

Hedge Funds Weigh In On Hut 8

Institutional investors and hedge funds have recently modified their holdings of the company. Neo Ivy Capital Management acquired a new position in Hut 8 in the 4th quarter valued at $252,000. Two Seas Capital LP grew its position in shares of Hut 8 by 132.7% in the fourth quarter. Two Seas Capital LP now owns 476,808 shares of the company’s stock valued at $9,770,000 after purchasing an additional 271,892 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Hut 8 by 25.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 167,469 shares of the company’s stock valued at $3,431,000 after purchasing an additional 33,713 shares during the last quarter. Voloridge Investment Management LLC purchased a new position in Hut 8 during the fourth quarter worth about $24,170,000. Finally, Vennlight Capital Management LP purchased a new position in Hut 8 during the fourth quarter worth about $2,414,000. Hedge funds and other 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.