Hut 8 (NASDAQ:HUT) Shares Gap Up to $7.79

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) gapped up before the market opened on Wednesday . The stock had previously closed at $7.79, but opened at $8.32. Hut 8 shares last traded at $8.25, with a volume of 1,042,779 shares changing hands.

Analysts Set New Price Targets

HUT has been the subject of a number of analyst reports. Needham & Company LLC restated a "buy" rating and set a $12.00 price objective on shares of Hut 8 in a report on Monday, April 1st. HC Wainwright boosted their price objective 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. Canaccord Genuity Group decreased their price objective on shares of Hut 8 from $17.50 to $14.00 and set a "buy" rating for the company in a report on Friday, April 5th. Benchmark restated a "buy" rating and set a $12.00 price objective on shares of Hut 8 in a report on Tuesday, May 7th. Finally, Craig Hallum lifted their price target on shares of Hut 8 from $10.00 to $12.00 and gave the company a "hold" rating in a research note on Monday, April 1st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Hut 8 presently has an average rating of "Moderate Buy" and an average target price of $12.33.

Hut 8 Stock Performance

The stock's 50 day simple moving average is $8.53 and its two-hundred day simple moving average is $8.06. 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 stock has a market cap of $790.11 million, a P/E ratio of -3.21 and a beta of 3.98.

Insider Transactions at Hut 8

In other news, CFO Shenif Visram sold 17,905 shares of the business's stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $8.15, for a total value of $145,925.75. Following the sale, the chief financial officer now owns 30,865 shares of the company's stock, valued at $251,549.75. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Hedge Funds Weigh In On Hut 8

Several institutional investors and hedge funds have recently modified their holdings of the stock. Private Advisor Group LLC grew its stake in shares of Hut 8 by 54.7% in the third quarter. Private Advisor Group LLC now owns 18,095 shares of the company's stock valued at $35,000 after acquiring an additional 6,400 shares in the last quarter. Global Retirement Partners LLC grew its stake in Hut 8 by 280.1% during the first quarter. Global Retirement Partners LLC now owns 5,428 shares of the company's stock worth $60,000 after buying an additional 4,000 shares in the last quarter. Headlands Technologies LLC acquired a new stake in Hut 8 during the third quarter worth about $73,000. Triton Wealth Management PLLC grew its stake in Hut 8 by 24.9% during the first quarter. Triton Wealth Management PLLC now owns 12,490 shares of the company's stock worth $138,000 after buying an additional 2,490 shares in the last quarter. Finally, Mackenzie Financial Corp grew its stake in Hut 8 by 7.3% during the third quarter. Mackenzie Financial Corp now owns 91,752 shares of the company's stock worth $168,000 after buying an additional 6,225 shares in the last quarter. 31.75% of the stock is currently owned by institutional investors and hedge funds.

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.