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

Shares of Hut 8 Corp. (NASDAQ:HUT) gapped down before the market opened on Monday . The stock had previously closed at $22.32, but opened at $21.50. Hut 8 shares last traded at $20.98, with a volume of 927,448 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on HUT shares. Cantor Fitzgerald began coverage on Hut 8 in a research note on Monday, December 9th. They issued an “overweight” rating and a $35.00 price target for the company. Needham & Company LLC boosted their target price on shares of Hut 8 from $32.00 to $38.00 and gave the stock a “buy” rating in a research note on Tuesday, December 17th. Piper Sandler assumed coverage on shares of Hut 8 in a report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price objective for the company. Stifel Nicolaus upped their price target on Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research report on Wednesday, October 30th. Finally, Benchmark lifted their price objective on shares of Hut 8 from $17.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Hut 8 presently has an average rating of “Buy” and a consensus price target of $31.88.

Hut 8 Stock Down 4.7 %

The business has a fifty day moving average of $23.21 and a 200 day moving average of $16.70. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00.

Institutional Trading of Hut 8

A number of large investors have recently made changes to their positions in HUT. Capital Performance Advisors LLP purchased a new stake in Hut 8 in the third quarter worth about $40,000. Amalgamated Bank bought a new position in shares of Hut 8 in the 2nd quarter valued at about $42,000. Intech Investment Management LLC bought a new position in shares of Hut 8 during the 3rd quarter valued at approximately $133,000. Victory Capital Management Inc. bought a new stake in shares of Hut 8 in the 2nd quarter worth about $154,000. Finally, XTX Topco Ltd bought a new position in shares of Hut 8 during the third quarter valued at approximately $162,000. 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.