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

Hut 8 Corp. (NASDAQ:HUT)’s stock price gapped up prior to trading 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 changing hands.

Several other brokerages also recently weighed in on HUT. Craig Hallum raised 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. Canaccord Genuity Group boosted their target price 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. Cantor Fitzgerald started coverage on shares of Hut 8 in a research note on Monday, December 9th. They set an “overweight” rating and a $35.00 price objective for the company. Stifel Nicolaus raised their target price 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. Finally, HC Wainwright boosted 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. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $31.88.

Hedge Funds Weigh In On Hut 8

Several hedge funds have recently bought and sold shares of HUT. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Hut 8 in the third quarter worth $9,997,000. Paloma Partners Management Co acquired a new position in Hut 8 during the 3rd quarter worth $834,000. MetLife Investment Management LLC increased its holdings in Hut 8 by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 46,719 shares of the company’s stock worth $573,000 after purchasing an additional 26,324 shares during the period. D1 Capital Partners L.P. acquired a new stake in Hut 8 in the 2nd quarter valued at about $17,388,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Hut 8 by 31.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 833,165 shares of the company’s stock valued at $10,215,000 after buying an additional 197,074 shares during the period. Institutional investors and hedge funds own 31.75% of the company’s stock.

Hut 8 Price Performance

The stock has a 50-day moving average price of $20.43 and a 200 day moving average price of $15.49. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00.

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.