Hut 8 (NASDAQ:HUT) Shares Gap Down – What’s Next?

Hut 8 Corp. (NASDAQ:HUT)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $25.86, but opened at $25.00. Hut 8 shares last traded at $25.32, with a volume of 732,970 shares traded.

Analyst Ratings Changes

Several analysts have weighed in on HUT shares. HC Wainwright lifted their price objective on shares of Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Cantor Fitzgerald reissued an “overweight” rating and set a $35.00 price target on shares of Hut 8 in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods initiated coverage on Hut 8 in a research report on Wednesday, January 8th. They set an “outperform” rating for the company. Stifel Nicolaus increased their price objective on shares of Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a research report on Wednesday, October 30th. Finally, Piper Sandler initiated coverage on shares of Hut 8 in a research report on Tuesday, December 17th. They set an “overweight” rating and a $33.00 target price on the stock. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $33.00.

Hut 8 Price Performance

The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. The business’s fifty day moving average is $25.24 and its 200-day moving average is $17.84.

Institutional Trading of Hut 8

Several hedge funds have recently made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. bought a new position in Hut 8 in the 3rd quarter worth about $9,997,000. Paloma Partners Management Co purchased a new stake in Hut 8 during the third quarter valued at about $834,000. State Street Corp lifted its holdings in shares of Hut 8 by 12.6% in the 3rd 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. MetLife Investment Management LLC boosted its holdings in Hut 8 by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 46,719 shares of the company’s stock valued at $573,000 after acquiring an additional 26,324 shares during the period. Finally, Geode Capital Management LLC grew its holdings in 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 during the last quarter. 31.75% of the stock is currently owned by institutional investors.

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.