Hut 8 (NASDAQ:HUT) Shares Gap Down – Time to Sell?

Hut 8 Corp. (NASDAQ:HUT)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $16.02, but opened at $15.51. Hut 8 shares last traded at $15.33, with a volume of 521,010 shares trading hands.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. HC Wainwright reissued a “buy” rating and set a $13.50 price objective on shares of Hut 8 in a report on Friday, September 20th. Benchmark reaffirmed a “buy” rating and set a $17.00 target price on shares of Hut 8 in a research note on Monday, October 7th. Craig Hallum raised their price objective on shares of Hut 8 from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. Canaccord Genuity Group reiterated a “buy” rating and set a $22.00 target price on shares of Hut 8 in a research report on Wednesday, August 21st. Finally, Stifel Nicolaus raised their price target on shares of Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research report on Wednesday, October 30th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and an average price target of $17.00.

Hut 8 Trading Up 7.6 %

The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 0.43. The firm has a 50-day simple moving average of $12.45 and a 200-day simple moving average of $12.24.

Hut 8 (NASDAQ:HUT) last posted its earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.11. The company had revenue of $35.22 million for the quarter, compared to analysts’ expectations of $38.00 million. On average, analysts predict that Hut 8 Corp. will post -0.56 earnings per share for the current fiscal year.

Insider Buying and Selling at Hut 8

In related news, Director Joseph Flinn sold 7,618 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $11.74, for a total value of $89,435.32. Following the sale, the director now owns 11,861 shares in the company, valued at approximately $139,248.14. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 12.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Entropy Technologies LP purchased a new position in shares of Hut 8 during the third quarter worth approximately $170,000. Capital Performance Advisors LLP bought a new stake in Hut 8 in the third quarter worth $40,000. AM Investment Strategies LLC grew its stake in shares of Hut 8 by 3.6% during the third quarter. AM Investment Strategies LLC now owns 44,000 shares of the company’s stock valued at $539,000 after buying an additional 1,521 shares during the last quarter. SteelPeak Wealth LLC purchased a new position in shares of Hut 8 in the third quarter worth about $568,000. Finally, Foundations Investment Advisors LLC lifted its stake in shares of Hut 8 by 2.1% in the 3rd quarter. Foundations Investment Advisors LLC now owns 49,755 shares of the company’s stock valued at $610,000 after acquiring an additional 1,027 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.