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

Shares of Hut 8 Corp. (NASDAQ:HUT) gapped up prior to trading on Tuesday . The stock had previously closed at $21.65, but opened at $22.92. Hut 8 shares last traded at $23.98, with a volume of 1,692,576 shares trading hands.

Analysts Set New Price Targets

A number of brokerages recently weighed in on HUT. Canaccord Genuity Group upped their price target on shares of Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Needham & Company LLC raised their target price on Hut 8 from $32.00 to $38.00 and gave the company a “buy” rating in a report on Tuesday, December 17th. Craig Hallum upped their price target on Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. HC Wainwright lifted their price objective 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. Finally, Cantor Fitzgerald initiated coverage on shares of Hut 8 in a research note on Monday, December 9th. They issued an “overweight” rating and a $35.00 target price for the company. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Hut 8 presently has an average rating of “Buy” and an average price target of $31.88.

Hut 8 Price Performance

The company has a fifty day moving average of $22.13 and a two-hundred day moving average of $16.18. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35.

Institutional Trading of Hut 8

Several hedge funds have recently made changes to their positions in HUT. Amalgamated Bank acquired a new stake in Hut 8 in the second quarter worth $42,000. Capital Performance Advisors LLP acquired a new stake in shares of Hut 8 in the 3rd quarter worth about $40,000. Victory Capital Management Inc. bought a new stake in Hut 8 in the 2nd quarter valued at about $154,000. Intech Investment Management LLC acquired a new position in Hut 8 during the 3rd quarter valued at about $133,000. Finally, XTX Topco Ltd bought a new position in Hut 8 in the 3rd quarter worth about $162,000. 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.