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

Hut 8 Corp. (NASDAQ:HUT) gapped down prior to trading on Wednesday . The stock had previously closed at $24.85, but opened at $23.82. Hut 8 shares last traded at $23.64, with a volume of 750,132 shares trading hands.

Analyst Ratings Changes

A number of equities analysts have recently commented on HUT shares. Needham & Company LLC lifted their price target on shares of Hut 8 from $32.00 to $38.00 and gave the stock a “buy” rating in a report on Tuesday, December 17th. Stifel Nicolaus lifted their target price on Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a report on Wednesday, October 30th. Keefe, Bruyette & Woods began coverage on Hut 8 in a research note on Wednesday. They issued an “outperform” rating for the company. HC Wainwright lifted their price objective on Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $35.00 target price on shares of Hut 8 in a research report on Tuesday. Nine analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $33.00.

Hut 8 Trading Down 0.5 %

The company has a 50 day simple moving average of $24.24 and a 200-day simple moving average of $17.18. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35.

Hedge Funds Weigh In On Hut 8

Several institutional investors have recently made changes to their positions in the stock. Capital Performance Advisors LLP bought a new stake in Hut 8 in the 3rd quarter valued at about $40,000. Amalgamated Bank acquired a new stake in Hut 8 in the second quarter valued at approximately $42,000. Intech Investment Management LLC bought a new stake in shares of Hut 8 during the third quarter valued at approximately $133,000. Victory Capital Management Inc. bought a new position in shares of Hut 8 in the 2nd quarter worth $154,000. Finally, XTX Topco Ltd acquired a new stake in Hut 8 in the 3rd quarter valued at $162,000. 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.