Hut 8 (NASDAQ:HUT) Shares Gap Down – Time to Sell?

Hut 8 Corp. (NASDAQ:HUT)’s share price gapped down before the market opened on Monday . The stock had previously closed at $28.02, but opened at $27.12. Hut 8 shares last traded at $26.85, with a volume of 2,521,115 shares changing hands.

Analysts Set New Price Targets

Several analysts have issued reports on HUT shares. Craig Hallum upped their price target on shares of Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. HC Wainwright upped their price objective on shares of Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Canaccord Genuity Group upped their target price on Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Benchmark raised their target price on shares of Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, Needham & Company LLC boosted their price target on shares of Hut 8 from $21.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $30.17.

Hut 8 Stock Down 7.5 %

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 business’s 50-day simple moving average is $17.46 and its 200 day simple moving average is $14.25.

Hedge Funds Weigh In On Hut 8

Several institutional investors have recently made changes to their positions in the business. 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 valued at $30,770,000 after buying an additional 2,754,037 shares in the last quarter. State Street Corp increased its stake in Hut 8 by 12.6% during the third quarter. State Street Corp now owns 2,740,769 shares of the company’s stock worth $33,602,000 after acquiring an additional 307,292 shares during the last quarter. JAT Capital Mgmt LP bought a new stake in shares of Hut 8 in the 3rd quarter worth about $32,260,000. Geode Capital Management LLC lifted its stake in shares of Hut 8 by 21.1% during 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 during the last quarter. Finally, D1 Capital Partners L.P. purchased a new stake in Hut 8 in the 2nd quarter valued at about $17,388,000. Institutional investors own 31.75% of the company’s stock.

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.