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

Hut 8 Corp. (NASDAQ:HUT) gapped down prior to trading on Wednesday . The stock had previously closed at $24.85, but opened at $23.82. Hut 8 shares last traded at $23.64, with a volume of 750,132 shares changing hands.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on HUT shares. Keefe, Bruyette & Woods started coverage on shares of Hut 8 in a research report on Wednesday. They set an “outperform” rating on the stock. Benchmark reissued a “buy” rating and set a $41.00 price target on shares of Hut 8 in a research report on Tuesday. Piper Sandler assumed coverage on Hut 8 in a report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price objective for the company. Needham & Company LLC increased their target price on Hut 8 from $32.00 to $38.00 and gave the stock a “buy” rating in a report on Tuesday, December 17th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $35.00 price target on shares of Hut 8 in a research report on Tuesday. Nine research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $33.00.

Hut 8 Trading Down 0.5 %

The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a 50 day moving average of $24.24 and a two-hundred day moving average of $17.18.

Institutional Investors Weigh In On Hut 8

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Foundations Investment Advisors LLC grew its stake in shares of Hut 8 by 2.1% during the third quarter. Foundations Investment Advisors LLC now owns 49,755 shares of the company’s stock worth $610,000 after buying an additional 1,027 shares during the last quarter. AM Investment Strategies LLC boosted its holdings in shares of Hut 8 by 3.6% during the 3rd quarter. AM Investment Strategies LLC now owns 44,000 shares of the company’s stock valued at $539,000 after acquiring an additional 1,521 shares in the last quarter. Amalgamated Bank bought a new stake in Hut 8 during the 2nd quarter worth $42,000. Capital Performance Advisors LLP acquired a new position in Hut 8 in the 3rd quarter worth about $40,000. Finally, BNP Paribas Financial Markets raised its position in Hut 8 by 24.6% in the third quarter. BNP Paribas Financial Markets now owns 18,520 shares of the company’s stock valued at $227,000 after purchasing an additional 3,653 shares during the last quarter. 31.75% of the stock is owned by institutional investors.

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.