Hut 8 (NASDAQ:HUT) Shares Gap Up - Here's What Happened

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) shares gapped up before the market opened on Tuesday . The stock had previously closed at $22.93, but opened at $24.30. Hut 8 shares last traded at $24.14, with a volume of 819,802 shares traded.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Craig Hallum raised their target price on shares of Hut 8 from $15.00 to $32.00 and gave the company a "buy" rating in a research report on Thursday, November 14th. Piper Sandler started coverage on Hut 8 in a report on Tuesday, December 17th. They issued an "overweight" rating and a $33.00 price objective for the company. Cantor Fitzgerald reiterated an "overweight" rating and set a $35.00 target price on shares of Hut 8 in a report on Tuesday, January 7th. HC Wainwright raised their price target on Hut 8 from $26.00 to $35.00 and gave the company a "buy" rating in a research note on Thursday, November 14th. Finally, Canaccord Genuity Group upped their price objective on Hut 8 from $22.00 to $32.00 and gave the stock a "buy" rating in a research note on Thursday, November 14th. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $33.00.

Hut 8 Stock Up 1.3 %

The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a 50-day moving average price of $24.83 and a 200-day moving average price of $17.47.

Hedge Funds Weigh In On Hut 8

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State Street Corp lifted its stake in shares of Hut 8 by 12.6% during the 3rd quarter. State Street Corp now owns 2,740,769 shares of the company's stock worth $33,602,000 after buying an additional 307,292 shares during the last quarter. JAT Capital Mgmt LP bought a new position in Hut 8 in the 3rd quarter valued at about $32,260,000. Geode Capital Management LLC lifted its position in Hut 8 by 21.1% during the third quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company's stock worth $26,902,000 after acquiring an additional 381,720 shares during the last quarter. D1 Capital Partners L.P. bought a new stake in shares of Hut 8 during the second quarter worth approximately $17,388,000. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Hut 8 by 31.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 833,165 shares of the company's stock valued at $10,215,000 after purchasing an additional 197,074 shares during the last quarter. 31.75% of the stock is owned by institutional investors.

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.