Hut 8 (NASDAQ:HUT) Shares Gap Up – Still a Buy?

Shares of Hut 8 Corp. (NASDAQ:HUT) gapped up before the market opened on Wednesday . The stock had previously closed at $47.60, but opened at $50.28. Hut 8 shares last traded at $53.15, with a volume of 1,022,381 shares traded.

Analyst Ratings Changes

Several equities research analysts recently issued reports on HUT shares. Roth Mkm reiterated a “buy” rating and issued a $80.00 price objective on shares of Hut 8 in a report on Tuesday, January 27th. Benchmark reaffirmed a “buy” rating on shares of Hut 8 in a research note on Wednesday, December 17th. Canaccord Genuity Group increased their price objective on Hut 8 from $62.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Weiss Ratings cut shares of Hut 8 from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday. Finally, Piper Sandler reiterated an “overweight” rating on shares of Hut 8 in a research report on Thursday, December 18th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $65.56.

Hut 8 Stock Up 14.8%

The business has a 50 day simple moving average of $55.14 and a 200-day simple moving average of $44.59. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.09 and a current ratio of 1.09. The firm has a market capitalization of $6.06 billion, a price-to-earnings ratio of -23.55 and a beta of 4.42.

Institutional Trading of Hut 8

Hedge funds have recently made changes to their positions in the company. Nisa Investment Advisors LLC increased its stake in shares of Hut 8 by 116.4% during the second quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company’s stock worth $28,000 after buying an additional 815 shares during the period. Advisors Asset Management Inc. grew its holdings in Hut 8 by 68.4% during the 2nd quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company’s stock worth $30,000 after acquiring an additional 655 shares in the last quarter. GAMMA Investing LLC purchased a new stake in shares of Hut 8 in the 4th quarter valued at approximately $30,000. Imprint Wealth LLC acquired a new stake in shares of Hut 8 in the 4th quarter valued at $38,000. Finally, Russell Investments Group Ltd. lifted its position in shares of 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 purchasing an additional 1,719 shares during the last quarter. Hedge funds and other institutional investors own 31.75% of the company’s stock.

About Hut 8

Hut 8 Corp., trading on the Nasdaq under the symbol HUT, is a North American digital infrastructure company specializing in cryptocurrency mining and high‐performance computing. Founded in 2017 and headquartered in Toronto, Canada, Hut 8 operates purpose‐built data centers that house fleets of specialized ASIC and GPU servers. Through its flagship mining facilities in Alberta and Ontario, the company leverages low‐cost, low‐carbon power sources—such as hydroelectric and natural gas—to support sustainable bitcoin production.