Hut 8 Corp. (NASDAQ:HUT - Get Free Report)'s stock price gapped up prior to trading on Monday . The stock had previously closed at $8.98, but opened at $9.62. Hut 8 shares last traded at $9.29, with a volume of 705,961 shares trading hands.
Wall Street Analysts Forecast Growth
Several brokerages recently weighed in on HUT. Craig Hallum raised their target price on shares of Hut 8 from $10.00 to $12.00 and gave the company a "hold" rating in a report on Monday, April 1st. HC Wainwright raised their target price on shares of Hut 8 from $7.00 to $9.00 and gave the company a "sell" rating in a report on Thursday, March 28th. Needham & Company LLC reaffirmed a "buy" rating and issued a $12.00 target price on shares of Hut 8 in a report on Monday, April 1st. Canaccord Genuity Group reduced their target price on shares of Hut 8 from $17.50 to $14.00 and set a "buy" rating on the stock in a report on Friday. Finally, Stifel Nicolaus raised their target price on shares of Hut 8 from $3.25 to $15.00 and gave the company a "speculative buy" rating in a report on Monday, January 8th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $12.40.
Check Out Our Latest Stock Analysis on Hut 8
Hut 8 Price Performance
The company's 50 day simple moving average is $8.61 and its 200 day simple moving average is $6.90. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.61 and a quick ratio of 4.61. The company has a market capitalization of $803.16 million, a PE ratio of -3.27 and a beta of 3.91.
Hedge Funds Weigh In On Hut 8
A number of hedge funds and other institutional investors have recently bought and sold shares of HUT. Van ECK Associates Corp lifted its holdings in Hut 8 by 15.7% in the third quarter. Van ECK Associates Corp now owns 2,198,471 shares of the company's stock valued at $4,287,000 after acquiring an additional 297,552 shares during the period. GSG Advisors LLC acquired a new stake in Hut 8 in the third quarter valued at $273,000. Wellington Management Group LLP lifted its holdings in Hut 8 by 203.4% in the third quarter. Wellington Management Group LLP now owns 1,125,958 shares of the company's stock valued at $2,224,000 after acquiring an additional 754,891 shares during the period. SteelPeak Wealth LLC acquired a new stake in Hut 8 in the third quarter valued at $393,000. Finally, Qube Research & Technologies Ltd acquired a new stake in Hut 8 in the third quarter valued at $3,429,000. 31.75% of the stock is currently owned by hedge funds and other institutional investors.
About Hut 8
(
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Hut 8 Corp. provides digital asset mining and high-performance computing infrastructure solutions in Canada. It operates computing infrastructure sites mines Bitcoin, as well as delivers cloud, colocation, and computing services to enterprise customers. The company was founded in 2017 and is based in Miami, Florida.
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