Hut 8 (NASDAQ:HUT) Shares Gap Down to $9.09

Hut 8 Corp. (NASDAQ:HUT) gapped down prior to trading on Wednesday . The stock had previously closed at $9.09, but opened at $8.84. Hut 8 shares last traded at $9.03, with a volume of 331,865 shares changing hands.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. HC Wainwright upgraded Hut 8 from a “sell” rating to a “buy” rating and raised their price objective for the company from $7.50 to $13.50 in a report on Wednesday, August 14th. Canaccord Genuity Group reiterated a “buy” rating and issued a $22.00 target price on shares of Hut 8 in a research note on Wednesday, August 21st. Needham & Company LLC reiterated a “buy” rating and issued a $15.00 target price on shares of Hut 8 in a research note on Friday, August 23rd. Craig Hallum raised their target price on shares of Hut 8 from $12.00 to $14.00 and gave the company a “buy” rating in a research note on Friday, June 14th. Finally, Benchmark restated a “buy” rating and set a $17.00 price objective on shares of Hut 8 in a research report on Wednesday, August 14th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $16.08.

Hut 8 Trading Down 0.2 %

The business’s 50 day moving average is $14.23 and its 200-day moving average is $10.93. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.68 and a quick ratio of 1.68.

Insider Activity at Hut 8

In other Hut 8 news, CFO Shenif Visram sold 20,239 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $13.38, for a total transaction of $270,797.82. Following the sale, the chief financial officer now owns 43,959 shares of the company’s stock, valued at $588,171.42. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Hut 8 news, CFO Shenif Visram sold 20,239 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $13.38, for a total transaction of $270,797.82. Following the sale, the chief financial officer now owns 43,959 shares of the company’s stock, valued at $588,171.42. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Joseph Flinn sold 7,618 shares of the business’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $11.74, for a total transaction of $89,435.32. Following the sale, the director now directly owns 11,861 shares in the company, valued at approximately $139,248.14. The disclosure for this sale can be found here. 12.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Hut 8

Hedge funds have recently modified their holdings of the business. Foundations Investment Advisors LLC acquired a new position in Hut 8 in the fourth quarter valued at $605,000. Nomura Holdings Inc. acquired a new position in Hut 8 in the fourth quarter valued at $1,774,000. Westend Capital Management LLC acquired a new position in Hut 8 in the first quarter valued at $5,190,000. Global Retirement Partners LLC lifted its holdings in Hut 8 by 280.1% in the first quarter. Global Retirement Partners LLC now owns 5,428 shares of the company’s stock valued at $60,000 after buying an additional 4,000 shares during the period. Finally, Triton Wealth Management PLLC lifted its holdings in Hut 8 by 24.9% in the first quarter. Triton Wealth Management PLLC now owns 12,490 shares of the company’s stock valued at $138,000 after buying an additional 2,490 shares during the period. Institutional investors and hedge funds own 31.75% of the company’s stock.

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.