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

Shares of Hut 8 Corp. (NASDAQ:HUT) gapped up before the market opened 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.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Benchmark assumed coverage on shares of Hut 8 in a research note on Monday. They set a “buy” rating and a $12.00 price target for the company. Stifel Nicolaus boosted their price target on shares of Hut 8 from $3.25 to $15.00 and gave the company a “speculative buy” rating in a research note on Monday, January 8th. Craig Hallum upped their target price on shares of Hut 8 from $10.00 to $12.00 and gave the stock a “hold” rating in a research note on Monday, April 1st. Needham & Company LLC reiterated a “buy” rating and issued a $12.00 target price on shares of Hut 8 in a research note on Monday, April 1st. Finally, Canaccord Genuity Group reduced their target price on shares of Hut 8 from $17.50 to $14.00 and set a “buy” rating for the company in a research note on Friday, April 5th. 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 company. According to data from MarketBeat.com, Hut 8 has an average rating of “Moderate Buy” and a consensus target price of $12.33.

Hut 8 Stock Performance

The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.61 and a current ratio of 4.61. The stock has a market cap of $859.35 million, a P/E ratio of -3.50 and a beta of 3.91. The company’s 50 day moving average price is $8.73 and its 200-day moving average price is $7.38.

Hedge Funds Weigh In On Hut 8

Several institutional investors have recently added to or reduced their stakes in HUT. Qube Research & Technologies Ltd bought a new position in Hut 8 during the third quarter valued at about $3,429,000. Wellington Management Group LLP grew its position in Hut 8 by 203.4% during the third quarter. Wellington Management Group LLP now owns 1,125,958 shares of the company’s stock valued at $2,224,000 after buying an additional 754,891 shares during the period. Westend Capital Management LLC purchased a new stake in Hut 8 during the first quarter valued at about $5,190,000. Van ECK Associates Corp lifted its holdings in Hut 8 by 15.7% during the third quarter. Van ECK Associates Corp now owns 2,198,471 shares of the company’s stock valued at $4,287,000 after purchasing an additional 297,552 shares during the last quarter. Finally, SteelPeak Wealth LLC purchased a new stake in Hut 8 during the third quarter valued at about $393,000. Institutional investors 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.