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

Hut 8 Corp. (NASDAQ:HUT) gapped down prior to trading on Tuesday . The stock had previously closed at $25.24, but opened at $24.14. Hut 8 shares last traded at $24.98, with a volume of 475,813 shares changing hands.

Analyst Ratings Changes

Several research firms recently weighed in on HUT. Stifel Nicolaus increased their price objective on shares of Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a research note on Wednesday, October 30th. Craig Hallum raised their price target on Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. HC Wainwright increased their target price on Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Canaccord Genuity Group upped their price target on shares of Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, Benchmark lifted their price objective on shares of Hut 8 from $17.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Hut 8 currently has a consensus rating of “Buy” and a consensus target price of $30.17.

Hut 8 Trading Up 16.5 %

The business’s 50 day moving average is $16.79 and its two-hundred day moving average is $13.92. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Hut 8 in the third quarter worth approximately $9,997,000. D1 Capital Partners L.P. acquired a new stake in shares of Hut 8 in the second quarter valued at $17,388,000. Vanguard Group Inc. boosted its stake in Hut 8 by 8,329.2% during the first quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock valued at $30,770,000 after buying an additional 2,754,037 shares in the last quarter. Millennium Management LLC grew its stake in shares of Hut 8 by 46.4% in the 2nd quarter. Millennium Management LLC now owns 649,518 shares of the company’s stock worth $9,733,000 after purchasing an additional 205,836 shares during the last quarter. Finally, Ninepoint Partners LP bought a new position in shares of Hut 8 in the second quarter valued at $720,000. 31.75% of the stock is currently owned by institutional investors.

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.