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

Hut 8 Corp. (NASDAQ:HUT) shares gapped down prior to trading on Monday . The stock had previously closed at $13.51, but opened at $12.73. Hut 8 shares last traded at $12.23, with a volume of 831,080 shares trading hands.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on HUT shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price target on shares of Hut 8 in a research report on Friday. Benchmark reiterated a “buy” rating and set a $41.00 price objective on shares of Hut 8 in a research note on Tuesday, January 7th. Piper Sandler assumed coverage on Hut 8 in a research note on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 target price on the stock. Needham & Company LLC reissued a “buy” rating and issued a $30.00 price target on shares of Hut 8 in a report on Tuesday, March 4th. Finally, Craig Hallum lifted their target price on shares of Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Hut 8 has a consensus rating of “Buy” and an average target price of $29.89.

Hut 8 Price Performance

The business’s 50 day moving average price is $20.82 and its 200 day moving average price is $18.79. 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 Investors Weigh In On Hut 8

Several institutional investors and hedge funds have recently added to or reduced their stakes in HUT. Capital Performance Advisors LLP purchased a new position in shares of Hut 8 during the 3rd quarter worth $40,000. Entropy Technologies LP acquired a new stake in Hut 8 during the third quarter worth about $170,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Hut 8 during the third quarter worth about $9,997,000. Intech Investment Management LLC purchased a new stake in shares of Hut 8 in the 3rd quarter valued at approximately $133,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Hut 8 by 31.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 833,165 shares of the company’s stock worth $10,215,000 after buying an additional 197,074 shares during the last quarter. 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.