Hut 8 (NASDAQ:HUT) Shares Gap Up Following Analyst Upgrade

Hut 8 Corp. (NASDAQ:HUT) shares gapped up before the market opened on Tuesday after Needham & Company LLC raised their price target on the stock from $32.00 to $38.00. The stock had previously closed at $29.06, but opened at $30.27. Needham & Company LLC currently has a buy rating on the stock. Hut 8 shares last traded at $29.89, with a volume of 966,927 shares trading hands.

Several other analysts also recently weighed in on HUT. Stifel Nicolaus upped their price target on Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a research note on Wednesday, October 30th. Canaccord Genuity Group upped their target price on shares of Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Cantor Fitzgerald started coverage on shares of Hut 8 in a research report on Monday, December 9th. They set an “overweight” rating and a $35.00 price target for the company. HC Wainwright boosted their target price on Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, Craig Hallum boosted their price objective on shares of Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $31.88.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in HUT. Amalgamated Bank bought a new position in shares of Hut 8 during the 2nd quarter worth $42,000. Capital Performance Advisors LLP bought a new stake in shares of Hut 8 in the 3rd quarter valued at about $40,000. Victory Capital Management Inc. purchased a new position in Hut 8 in the second quarter worth $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 acquired a new stake in shares of Hut 8 during the third quarter worth $162,000. Institutional investors own 31.75% of the company’s stock.

Hut 8 Trading Up 1.9 %

The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. The company has a 50 day simple moving average of $20.78 and a two-hundred day simple moving average of $15.64.

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.