Hut 8 (NASDAQ:HUT) Shares Gap Up to $8.05

Hut 8 Corp. (NASDAQ:HUT - Get Free Report)'s share price gapped up prior to trading on Monday . The stock had previously closed at $8.05, but opened at $8.31. Hut 8 shares last traded at $8.66, with a volume of 1,204,117 shares trading hands.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on HUT. Benchmark began coverage on shares of Hut 8 in a research note on Monday. They issued a "buy" rating and a $12.00 price target on the stock. Needham & Company LLC reissued a "buy" rating and issued a $12.00 price target on shares of Hut 8 in a research note on Monday, April 1st. Canaccord Genuity Group dropped their price target on shares of Hut 8 from $17.50 to $14.00 and set a "buy" rating on the stock in a research note on Friday, April 5th. HC Wainwright lifted their target price on shares of Hut 8 from $7.00 to $9.00 and gave the stock a "sell" rating in a research note on Thursday, March 28th. Finally, Stifel Nicolaus upped their target price on shares of Hut 8 from $3.25 to $15.00 and gave the stock a "speculative buy" rating in a report on Monday, January 8th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $12.33.

Hut 8 Price Performance

The firm has a market cap of $822.79 million, a PE ratio of -3.35 and a beta of 3.91. The stock's fifty day moving average price is $8.71 and its 200-day moving average price is $7.33. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.61 and a quick ratio of 4.61.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Westend Capital Management LLC acquired a new position in shares of Hut 8 during the 1st quarter valued at about $5,190,000. Nomura Holdings Inc. acquired a new position in shares of Hut 8 during the 4th quarter valued at about $1,774,000. Foundations Investment Advisors LLC acquired a new position in shares of Hut 8 during the 4th quarter valued at about $605,000. AM Investment Strategies LLC acquired a new position in shares of Hut 8 during the 4th quarter valued at about $597,000. Finally, Savior LLC acquired a new position in Hut 8 in the fourth quarter valued at about $1,543,000. Institutional investors and hedge funds own 31.75% of the company's stock.

Hut 8 Company Profile

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.