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

Shares of Hut 8 Corp. (NASDAQ:HUT) gapped down prior to trading 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.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $35.00 target price on shares of Hut 8 in a report on Tuesday, January 7th. Piper Sandler initiated coverage on Hut 8 in a report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price objective on the stock. Needham & Company LLC reiterated a “buy” rating and set a $38.00 target price on shares of Hut 8 in a research report on Monday, January 13th. Benchmark reissued a “buy” rating and issued a $41.00 price target on shares of Hut 8 in a report on Tuesday, January 7th. Finally, HC Wainwright lifted their price target on Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $33.00.

Hut 8 Stock Performance

The company has a 50 day moving average price of $25.30 and a 200 day moving average price of $17.95. 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 made changes to their positions in HUT. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Hut 8 in the third quarter valued at about $9,997,000. Paloma Partners Management Co acquired a new position in shares of Hut 8 during the 3rd quarter worth approximately $834,000. State Street Corp lifted its stake in Hut 8 by 12.6% in 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 Hut 8 by 129.1% in 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, Geode Capital Management LLC grew its holdings in Hut 8 by 21.1% during the 3rd quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock valued at $26,902,000 after buying an additional 381,720 shares during the last quarter. 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.