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

Shares of Hut 8 Corp. (NASDAQ:HUT) gapped down prior to trading on Thursday . The stock had previously closed at $26.26, but opened at $25.56. Hut 8 shares last traded at $26.02, with a volume of 662,307 shares traded.

Analyst Upgrades and Downgrades

HUT has been the subject of a number of recent analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $38.00 price objective on shares of Hut 8 in a research report on Monday. Piper Sandler initiated coverage on shares of Hut 8 in a research report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price objective for the company. Craig Hallum upped their price objective on shares of Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Benchmark reiterated a “buy” rating and issued a $41.00 target price on shares of Hut 8 in a research note on Tuesday, January 7th. Finally, Stifel Nicolaus boosted their target price on shares of Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research note on Wednesday, October 30th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $33.00.

Hut 8 Stock Performance

The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. The stock’s 50 day moving average is $24.83 and its 200 day moving average is $17.47.

Institutional Trading of Hut 8

Institutional investors have recently modified their holdings of the business. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Hut 8 during the 3rd quarter valued at approximately $9,997,000. Paloma Partners Management Co purchased a new stake in shares of Hut 8 during the 3rd quarter valued at approximately $834,000. State Street Corp lifted its stake in shares of Hut 8 by 12.6% during the 3rd quarter. State Street Corp now owns 2,740,769 shares of the company’s stock valued at $33,602,000 after buying an additional 307,292 shares in the last quarter. MetLife Investment Management LLC lifted its stake in shares of 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 buying an additional 26,324 shares in the last quarter. Finally, D1 Capital Partners L.P. purchased a new stake in shares of Hut 8 during the 2nd quarter valued at approximately $17,388,000. 31.75% of the stock is currently owned by hedge funds and other 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.