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

Hut 8 Corp. (NASDAQ:HUT - Get Free Report)'s share price gapped up before the market opened 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 traded.

Analysts Set New Price Targets

HUT has been the topic of several research analyst reports. HC Wainwright lowered their price target on Hut 8 from $35.00 to $30.00 and set a "buy" rating on the stock in a research report on Tuesday, March 4th. Piper Sandler started coverage on Hut 8 in a report on Tuesday, December 17th. They issued an "overweight" rating and a $33.00 target price on the stock. Cantor Fitzgerald reiterated an "overweight" rating and set a $30.00 price target on shares of Hut 8 in a report on Friday, March 7th. Benchmark reduced their price objective on Hut 8 from $41.00 to $33.00 and set a "buy" rating for the company in a research report on Wednesday. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and set a $32.00 target price on shares of Hut 8 in a research report on Tuesday, March 4th. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $29.00.

Hut 8 Stock Down 4.4 %

The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. The business's 50 day moving average price is $16.37 and its 200-day moving average price is $18.94.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in shares of Hut 8 by 3.9% in the 4th quarter. Vanguard Group Inc. now owns 6,459,385 shares of the company's stock worth $132,352,000 after buying an additional 245,113 shares in the last quarter. State Street Corp grew its position in Hut 8 by 12.6% in the third quarter. State Street Corp now owns 2,740,769 shares of the company's stock valued at $33,602,000 after acquiring an additional 307,292 shares during the period. Geode Capital Management LLC raised its stake 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 in the last quarter. Jericho Capital Asset Management L.P. bought a new position in shares of Hut 8 during the fourth quarter valued at $37,400,000. Finally, BIT Capital GmbH grew its holdings in shares of Hut 8 by 11.5% in the 4th quarter. BIT Capital GmbH now owns 1,818,456 shares of the company's stock worth $37,260,000 after purchasing an additional 187,773 shares during the last quarter. Institutional investors and hedge funds own 31.75% of the company's stock.

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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.