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

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

HUT has been the subject of several research reports. Canaccord Genuity Group reduced their price target on shares of Hut 8 from $17.50 to $14.00 and set a “buy” rating for the company in a research report on Friday, April 5th. Benchmark assumed coverage on shares of Hut 8 in a report on Monday. They issued a “buy” rating and a $12.00 target price for the company. Needham & Company LLC reissued a “buy” rating and issued a $12.00 target price on shares of Hut 8 in a report on Monday, April 1st. HC Wainwright upped their price target on Hut 8 from $7.00 to $9.00 and gave the stock a “sell” rating in a research note on Thursday, March 28th. Finally, Craig Hallum upped their price target on Hut 8 from $10.00 to $12.00 and gave the stock a “hold” rating in a research note on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $12.33.

Hut 8 Stock Up 4.4 %

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Global Retirement Partners LLC boosted its position in shares of Hut 8 by 280.1% during the 1st quarter. Global Retirement Partners LLC now owns 5,428 shares of the company’s stock valued at $60,000 after acquiring an additional 4,000 shares during the last quarter. TD Asset Management Inc boosted its position in shares of Hut 8 by 2.7% during the 3rd quarter. TD Asset Management Inc now owns 203,130 shares of the company’s stock valued at $401,000 after acquiring an additional 5,373 shares during the last quarter. Mackenzie Financial Corp boosted its position in shares of Hut 8 by 7.3% during the 3rd quarter. Mackenzie Financial Corp now owns 91,752 shares of the company’s stock valued at $168,000 after acquiring an additional 6,225 shares during the last quarter. Private Advisor Group LLC boosted its position in shares of Hut 8 by 54.7% during the 3rd 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 during the last quarter. Finally, Golden Green Inc. bought a new position in shares of Hut 8 during the 3rd quarter valued at approximately $29,000. 31.75% of the stock is currently owned by institutional investors.

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.