Hut 8 (NASDAQ:HUT) Shares Gap Down After Analyst Downgrade

Hut 8 Corp. (NASDAQ:HUT) gapped down before the market opened on Thursday after Benchmark lowered their price target on the stock from $41.00 to $33.00. The stock had previously closed at $13.39, but opened at $11.77. Benchmark currently has a buy rating on the stock. Hut 8 shares last traded at $12.04, with a volume of 1,171,568 shares trading hands.

Other equities analysts have also recently issued reports about the stock. HC Wainwright cut their target price on shares of Hut 8 from $35.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. Keefe, Bruyette & Woods started coverage on Hut 8 in a research note on Wednesday, January 8th. They set an “outperform” rating for the company. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $32.00 price objective on shares of Hut 8 in a research note on Tuesday, March 4th. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price objective on shares of Hut 8 in a research report on Friday, March 7th. Finally, Piper Sandler began coverage on shares of Hut 8 in a report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 target price on the stock. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $29.00.

Institutional Trading of Hut 8

A number of large investors have recently made changes to their positions in the stock. Nisa Investment Advisors LLC lifted its holdings in Hut 8 by 77.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock valued at $26,000 after buying an additional 545 shares in the last quarter. Summit Investment Advisors Inc. raised its stake in shares of Hut 8 by 7.9% during the fourth quarter. Summit Investment Advisors Inc. now owns 8,475 shares of the company’s stock valued at $174,000 after acquiring an additional 618 shares in the last quarter. Arizona State Retirement System boosted its holdings in shares of Hut 8 by 2.8% in the fourth quarter. Arizona State Retirement System now owns 23,764 shares of the company’s stock valued at $487,000 after purchasing an additional 637 shares during the period. Foundations Investment Advisors LLC increased its holdings in Hut 8 by 1.9% during the 4th quarter. Foundations Investment Advisors LLC now owns 50,687 shares of the company’s stock worth $1,039,000 after purchasing an additional 932 shares during the period. Finally, R Squared Ltd purchased a new position in Hut 8 during the 4th quarter worth $26,000. 31.75% of the stock is owned by hedge funds and other institutional investors.

Hut 8 Price Performance

The stock has a 50-day simple moving average of $16.64 and a two-hundred day simple moving average of $18.99. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35.

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.