Hut 8 (NASDAQ:HUT) Shares Gap Up – Time to Buy?

by · The Cerbat Gem

Hut 8 Corp. (NASDAQ:HUT – Get Free Report)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $13.40, but opened at $13.71. Hut 8 shares last traded at $13.40, with a volume of 914,950 shares changing hands.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Canaccord Genuity Group reiterated a “buy” rating and set a $32.00 price objective on shares of Hut 8 in a research report on Tuesday, March 4th. Needham & Company LLC reissued a “buy” rating and set a $30.00 target price on shares of Hut 8 in a report on Tuesday, March 4th. HC Wainwright cut their price objective on Hut 8 from $35.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. UBS Group set a $33.00 price objective on shares of Hut 8 in a research report on Wednesday, April 2nd. Finally, BTIG Research assumed coverage on shares of Hut 8 in a report on Monday, April 14th. They issued a “buy” rating and a $18.00 target price on the stock. Twelve investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Hut 8 presently has an average rating of “Buy” and a consensus target price of $27.67.

Read Our Latest Analysis on HUT

Hut 8 Stock Down 5.2 %

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’s fifty day moving average is $13.07 and its 200-day moving average is $19.00.

Institutional Investors Weigh In On Hut 8

A number of institutional investors have recently added to or reduced their stakes in the stock. Barclays PLC increased its holdings in shares of Hut 8 by 29.7% during the third quarter. Barclays PLC now owns 124,527 shares of the company’s stock worth $1,526,000 after buying an additional 28,532 shares in the last quarter. Nisa Investment Advisors LLC grew its position in shares of Hut 8 by 77.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock worth $26,000 after buying an additional 545 shares during the period. GoalVest Advisory LLC bought a new stake in shares of Hut 8 in the fourth quarter worth about $330,000. KBC Group NV bought a new stake in Hut 8 during the 4th quarter worth approximately $69,000. Finally, Foundations Investment Advisors LLC boosted its holdings in shares of Hut 8 by 1.9% in the fourth quarter. Foundations Investment Advisors LLC now owns 50,687 shares of the company’s stock valued at $1,039,000 after buying an additional 932 shares during the period. 31.75% of the stock is owned by institutional investors and hedge funds.

Hut 8 Company Profile

(Get Free Report)

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.

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