Hut 8 (NASDAQ:HUT) Shares Gap Up – What’s Next?

Hut 8 Corp. (NASDAQ:HUT) shares gapped up before the market opened 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 traded.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on HUT. Wall Street Zen upgraded shares of Hut 8 from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Northland Securities set a $58.00 price objective on Hut 8 in a research note on Wednesday, November 5th. Rosenblatt Securities reiterated a “buy” rating and set a $65.00 target price on shares of Hut 8 in a research report on Wednesday, November 5th. Cantor Fitzgerald increased their target price on Hut 8 from $24.00 to $64.00 and gave the stock an “overweight” rating in a report on Tuesday, November 4th. Finally, Piper Sandler set a $74.00 price target on Hut 8 and gave the company an “overweight” rating in a research note on Monday, October 20th. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $48.80.

Hut 8 Stock Performance

The stock has a fifty day simple moving average of $43.91 and a two-hundred day simple moving average of $31.24. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.72 and a current ratio of 0.72. The stock has a market cap of $4.59 billion, a price-to-earnings ratio of -108.68 and a beta of 4.41.

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

Hedge Funds Weigh In On Hut 8

A number of institutional investors have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC boosted its position in Hut 8 by 116.4% in the second quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company’s stock valued at $28,000 after buying an additional 815 shares in the last quarter. Advisors Asset Management Inc. lifted its stake in shares of Hut 8 by 68.4% in the 2nd quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company’s stock valued at $30,000 after acquiring an additional 655 shares during the last quarter. State of Wyoming acquired a new stake in shares of Hut 8 during the 1st quarter valued at $32,000. US Bancorp DE grew its position in Hut 8 by 3,961.7% during the 1st quarter. US Bancorp DE now owns 3,290 shares of the company’s stock worth $38,000 after acquiring an additional 3,209 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its position in Hut 8 by 235.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock worth $46,000 after acquiring an additional 1,719 shares during 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.