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

Hut 8 Corp. (NASDAQ:HUT)’s share price gapped down before the market opened on Monday . The stock had previously closed at $13.51, but opened at $12.73. Hut 8 shares last traded at $12.23, with a volume of 831,080 shares.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Keefe, Bruyette & Woods started coverage on Hut 8 in a research report on Wednesday, January 8th. They set an “outperform” rating for the company. Needham & Company LLC restated a “buy” rating and set a $30.00 price objective on shares of Hut 8 in a research report on Tuesday, March 4th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 target price on shares of Hut 8 in a research report on Friday. HC Wainwright cut their price target on shares of Hut 8 from $35.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. Finally, Piper Sandler initiated coverage on Hut 8 in a research note on Tuesday, December 17th. They set an “overweight” rating and a $33.00 target price on the stock. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat, Hut 8 presently has an average rating of “Buy” and an average price target of $29.89.

Hut 8 Price Performance

The business’s 50 day simple moving average is $20.82 and its 200 day simple moving average is $18.79. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35.

Institutional Investors Weigh In On Hut 8

Several large investors have recently added to or reduced their stakes in the stock. Neo Ivy Capital Management bought a new stake in shares of Hut 8 during the 4th quarter worth approximately $252,000. Two Seas Capital LP lifted its stake in shares of Hut 8 by 132.7% during the 4th quarter. Two Seas Capital LP now owns 476,808 shares of the company’s stock worth $9,770,000 after purchasing an additional 271,892 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Hut 8 by 25.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 167,469 shares of the company’s stock valued at $3,431,000 after purchasing an additional 33,713 shares in the last quarter. Voloridge Investment Management LLC purchased a new position in Hut 8 in the fourth quarter valued at about $24,170,000. Finally, Vennlight Capital Management LP bought a new position in Hut 8 in the fourth quarter worth about $2,414,000. 31.75% of the stock is owned by 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.