Hut 8 (NASDAQ:HUT) Shares Gap Up – Here’s Why

Hut 8 Corp. (NASDAQ:HUT)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $36.85, but opened at $41.93. Hut 8 shares last traded at $44.5510, with a volume of 7,120,979 shares changing hands.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on HUT. Piper Sandler reiterated an “overweight” rating on shares of Hut 8 in a research report on Thursday. Cantor Fitzgerald upped their price target on shares of Hut 8 from $24.00 to $64.00 and gave the company an “overweight” rating in a research note on Tuesday, November 4th. Rosenblatt Securities reiterated a “buy” rating and issued a $65.00 price objective on shares of Hut 8 in a research note on Thursday. Roth Capital restated a “buy” rating and set a $60.00 target price (up previously from $31.00) on shares of Hut 8 in a research report on Monday, September 15th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price target on shares of Hut 8 in a report on Thursday. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $53.76.

Hut 8 Stock Performance

The company’s fifty day simple moving average is $43.67 and its 200 day simple moving average is $31.35. The stock has a market capitalization of $4.17 billion, a P/E ratio of -98.95 and a beta of 4.41. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.14.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings data on Tuesday, November 4th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.09. The company had revenue of $80.72 million for the quarter, compared to the consensus estimate of $64.70 million. Hut 8 had a return on equity of 8.06% and a net margin of 115.39%. As a group, sell-side analysts forecast that Hut 8 Corp. will post -0.53 earnings per share for the current fiscal year.

Institutional Trading of Hut 8

A number of large investors have recently modified their holdings of the business. Ameriprise Financial Inc. increased its position in shares of Hut 8 by 1,043.0% in the second quarter. Ameriprise Financial Inc. now owns 2,486,814 shares of the company’s stock worth $46,255,000 after purchasing an additional 2,269,237 shares during the last quarter. Value Aligned Research Advisors LLC lifted its position in Hut 8 by 110.2% during the third quarter. Value Aligned Research Advisors LLC now owns 1,948,995 shares of the company’s stock valued at $67,845,000 after purchasing an additional 1,021,955 shares during the last quarter. Voloridge Investment Management LLC purchased a new position in Hut 8 in the 3rd quarter worth approximately $35,044,000. Nishkama Capital LLC bought a new position in shares of Hut 8 in the 3rd quarter worth $28,137,000. Finally, Thames Capital Management LLC purchased a new stake in shares of Hut 8 during the 3rd quarter valued at $25,084,000. Institutional investors own 31.75% of the company’s stock.

About Hut 8

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.