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

Hut 8 Corp. (NASDAQ:HUT) 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 research firms also recently weighed in on HUT. Craig Hallum raised their price objective on Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Cantor Fitzgerald began coverage on shares of Hut 8 in a report on Monday, December 9th. They issued an “overweight” rating and a $35.00 price target on the stock. Piper Sandler started coverage on shares of Hut 8 in a research note on Tuesday. They set an “overweight” rating and a $33.00 price objective for the company. Stifel Nicolaus upped their target price on Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research note on Wednesday, October 30th. Finally, HC Wainwright upped their target price on shares of Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Hut 8 has an average rating of “Buy” and an average price target of $31.88.

Institutional Investors Weigh In On Hut 8

Institutional investors have recently added to or reduced their stakes in the company. State Street Corp lifted its stake in shares of Hut 8 by 12.6% during the third quarter. State Street Corp now owns 2,740,769 shares of the company’s stock worth $33,602,000 after purchasing an additional 307,292 shares in the last quarter. JAT Capital Mgmt LP purchased a new stake in shares of Hut 8 during the 3rd quarter valued at about $32,260,000. Geode Capital Management LLC lifted its position in Hut 8 by 21.1% during the 3rd 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. D1 Capital Partners L.P. purchased a new position in Hut 8 in the 2nd quarter worth approximately $17,388,000. Finally, Charles Schwab Investment Management Inc. grew its position in Hut 8 by 31.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 833,165 shares of the company’s stock valued at $10,215,000 after acquiring an additional 197,074 shares in the last quarter. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Hut 8 Stock Performance

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 business’s 50 day moving average price is $20.43 and its 200-day moving average price is $15.49.

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.