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

Hut 8 Corp. (NASDAQ:HUT) shares gapped up before the market opened on Monday . The stock had previously closed at $11.72, but opened at $12.30. Hut 8 shares last traded at $12.21, with a volume of 2,605,392 shares.

Analyst Ratings Changes

A number of research firms recently weighed in on HUT. Rosenblatt Securities assumed coverage on shares of Hut 8 in a report on Friday, March 7th. They issued a “buy” rating and a $23.00 target price for the company. Keefe, Bruyette & Woods began coverage on Hut 8 in a research note on Wednesday, January 8th. They set an “outperform” rating for the company. Benchmark reissued a “buy” rating and issued a $41.00 price objective on shares of Hut 8 in a research note on Tuesday, January 7th. Piper Sandler initiated coverage on shares of Hut 8 in a report on Tuesday, December 17th. They set an “overweight” rating and a $33.00 target price on the stock. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $32.00 price target on shares of Hut 8 in a research report on Tuesday, March 4th. Ten equities research 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 target price of $29.89.

Hut 8 Price Performance

The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. The company’s 50 day simple moving average is $17.45 and its two-hundred day simple moving average is $19.01.

Institutional Trading of Hut 8

Institutional investors and hedge funds have recently bought and sold shares of the business. Intech Investment Management LLC purchased a new position in shares of Hut 8 during the third quarter worth $133,000. Charles Schwab Investment Management Inc. raised its stake in shares of Hut 8 by 31.0% during 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 last quarter. BNP Paribas Financial Markets raised its stake in shares of Hut 8 by 24.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 18,520 shares of the company’s stock valued at $227,000 after buying an additional 3,653 shares during the last quarter. MetLife Investment Management LLC lifted its holdings in shares of Hut 8 by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 46,719 shares of the company’s stock valued at $573,000 after buying an additional 26,324 shares during the period. Finally, Walleye Capital LLC boosted its stake in shares of Hut 8 by 179.7% in the third quarter. Walleye Capital LLC now owns 405,780 shares of the company’s stock worth $4,975,000 after buying an additional 260,695 shares during the last quarter. 31.75% of the stock is currently 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.