Hut 8 (NASDAQ:HUT) Shares Gap Down – Here’s Why

Hut 8 Corp. (NASDAQ:HUT) gapped down before the market opened 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 traded.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Craig Hallum raised their price objective on shares of Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Benchmark boosted their price target 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. Canaccord Genuity Group increased their target price on shares of Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. HC Wainwright raised their price objective on shares of Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Finally, Stifel Nicolaus raised their price objective 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 analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $30.17.

Hut 8 Stock Performance

The business’s fifty day simple moving average is $16.18 and its 200-day simple moving average is $13.71. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of HUT. Vanguard Group Inc. lifted its position in Hut 8 by 8,329.2% during the 1st quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock valued at $30,770,000 after acquiring an additional 2,754,037 shares during the period. Tidal Investments LLC purchased a new position in Hut 8 during the 1st quarter valued at about $18,191,000. Westend Capital Management LLC lifted its position in Hut 8 by 1.7% during the 2nd quarter. Westend Capital Management LLC now owns 477,961 shares of the company’s stock valued at $7,289,000 after acquiring an additional 7,827 shares during the period. Bank of New York Mellon Corp purchased a new position in Hut 8 during the 2nd quarter valued at about $4,390,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Hut 8 by 27.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,223 shares of the company’s stock worth $213,000 after buying an additional 3,105 shares during the last quarter. 31.75% of the stock is 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.