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

Hut 8 Corp. (NASDAQ:HUT)’s share price 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 trading hands.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on HUT. Stifel Nicolaus raised their price objective 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. Benchmark restated a “buy” rating and set a $41.00 price objective on shares of Hut 8 in a research note on Tuesday, January 7th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $35.00 price objective on shares of Hut 8 in a research note on Tuesday, January 7th. HC Wainwright boosted their target price on shares of Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Finally, Piper Sandler initiated coverage on shares of Hut 8 in a report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price target on the stock. Nine analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $33.00.

Hut 8 Stock Performance

The company has a fifty day moving average of $24.83 and a 200-day moving average of $17.47. 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

A number of institutional investors have recently made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Hut 8 in the 3rd quarter valued at $9,997,000. Paloma Partners Management Co acquired a new position in Hut 8 during the third quarter worth about $834,000. State Street Corp grew its stake in Hut 8 by 12.6% during the 3rd 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 in the last quarter. MetLife Investment Management LLC grew its stake in Hut 8 by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 46,719 shares of the company’s stock valued at $573,000 after acquiring an additional 26,324 shares in the last quarter. Finally, D1 Capital Partners L.P. acquired a new stake in Hut 8 in the 2nd quarter valued at about $17,388,000. 31.75% of the stock is owned by institutional investors and hedge funds.

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.