Hut 8 (NASDAQ:HUT) Shares Gap Up - Still a Buy?

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) shares gapped up before the market opened on Monday . The stock had previously closed at $14.75, but opened at $16.51. Hut 8 shares last traded at $15.80, with a volume of 2,066,728 shares changing hands.

Analyst Ratings Changes

Several analysts have commented on the company. Piper Sandler assumed coverage on Hut 8 in a research note on Tuesday, December 17th. They set an "overweight" rating and a $33.00 target price on the stock. Craig Hallum lifted their price objective on Hut 8 from $15.00 to $32.00 and gave the stock a "buy" rating in a report on Thursday, November 14th. Needham & Company LLC reissued a "buy" rating and issued a $30.00 target price on shares of Hut 8 in a research report on Tuesday. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $35.00 price target on shares of Hut 8 in a report on Tuesday, January 7th. Finally, HC Wainwright reduced their price target on shares of Hut 8 from $35.00 to $30.00 and set a "buy" rating for the company in a research note on Tuesday. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat, Hut 8 presently has an average rating of "Buy" and an average target price of $31.38.

Hut 8 Trading Down 10.1 %

The business's fifty day moving average is $21.21 and its 200-day moving average is $18.72. 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

A number of institutional investors have recently bought and sold shares of HUT. Capital Performance Advisors LLP bought a new stake in Hut 8 during the third quarter valued at about $40,000. Entropy Technologies LP bought a new position in shares of Hut 8 during the 3rd quarter valued at approximately $170,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Hut 8 in the 3rd quarter worth approximately $9,997,000. Intech Investment Management LLC bought a new stake in Hut 8 during the 3rd quarter worth approximately $133,000. Finally, Charles Schwab Investment Management Inc. raised its stake in Hut 8 by 31.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 833,165 shares of the company's stock worth $10,215,000 after acquiring an additional 197,074 shares during the period. 31.75% of the stock is owned by institutional investors.

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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.