Hut 8 (NASDAQ:HUT) Shares Gap Down – Should You Sell?

Hut 8 Corp. (NASDAQ:HUT)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $25.24, but opened at $24.14. Hut 8 shares last traded at $24.98, with a volume of 475,813 shares traded.

Analyst Upgrades and Downgrades

HUT has been the topic of several recent research reports. Canaccord Genuity Group lifted their target price on shares of Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. HC Wainwright upped their target price on Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Needham & Company LLC increased their target price on Hut 8 from $21.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Benchmark upped their price target on Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Finally, Stifel Nicolaus increased their price objective on shares of Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research report on Wednesday, October 30th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, Hut 8 has a consensus rating of “Buy” and an average price target of $30.17.

Hut 8 Stock Up 16.5 %

The business has a 50 day simple moving average of $16.79 and a two-hundred day simple moving average of $13.92. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35.

Institutional Trading of Hut 8

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in Hut 8 by 8,329.2% during the 1st quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock worth $30,770,000 after acquiring an additional 2,754,037 shares in the last quarter. JAT Capital Mgmt LP bought a new stake in Hut 8 in the third quarter valued at about $32,260,000. D1 Capital Partners L.P. acquired a new stake in Hut 8 during the second quarter valued at approximately $17,388,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Hut 8 during the 3rd quarter worth approximately $9,997,000. Finally, Geode Capital Management LLC grew its position in shares of Hut 8 by 21.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock worth $26,902,000 after acquiring an additional 381,720 shares in the last quarter. Institutional investors 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.