Hut 8 (NASDAQ:HUT) Shares Gap Up - Here's Why

Hut 8 Corp. (NASDAQ:HUT - Get Free Report)'s share 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 traded.

Analysts Set New Price Targets

Several brokerages have commented on HUT. BTIG Research initiated coverage on Hut 8 in a research report on Monday, April 14th. They issued a "buy" rating and a $18.00 price objective on the stock. Canaccord Genuity Group reissued a "buy" rating and set a $32.00 target price on shares of Hut 8 in a research report on Tuesday, March 4th. Northland Capmk raised shares of Hut 8 to a "strong-buy" rating in a research report on Monday, April 21st. Cantor Fitzgerald restated an "overweight" rating and issued a $30.00 target price on shares of Hut 8 in a research note on Friday, March 7th. Finally, Keefe, Bruyette & Woods initiated coverage on shares of Hut 8 in a research report on Wednesday, January 8th. They set an "outperform" rating for the company. Twelve investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Hut 8 presently has a consensus rating of "Buy" and a consensus target price of $27.67.

Hut 8 Trading Down 5.2 %

The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. The stock has a 50-day simple moving average of $13.07 and a 200 day simple moving average of $19.00.

Institutional Investors Weigh In On Hut 8

Several hedge funds have recently modified their holdings of HUT. Nisa Investment Advisors LLC boosted its holdings in shares of Hut 8 by 77.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company's stock valued at $26,000 after purchasing an additional 545 shares during the last quarter. Summit Investment Advisors Inc. grew its holdings in Hut 8 by 7.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 8,475 shares of the company's stock valued at $174,000 after purchasing an additional 618 shares in the last quarter. Arizona State Retirement System increased its stake in Hut 8 by 2.8% during the 4th quarter. Arizona State Retirement System now owns 23,764 shares of the company's stock worth $487,000 after buying an additional 637 shares during the period. Foundations Investment Advisors LLC lifted its holdings in Hut 8 by 1.9% in the 4th quarter. Foundations Investment Advisors LLC now owns 50,687 shares of the company's stock worth $1,039,000 after buying an additional 932 shares in the last quarter. Finally, R Squared Ltd purchased a new position in Hut 8 in the 4th quarter valued at about $26,000. 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.

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