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

Hut 8 Corp. (NASDAQ:HUT) shares gapped down before the market opened on Monday . The stock had previously closed at $22.32, but opened at $21.50. Hut 8 shares last traded at $20.98, with a volume of 927,448 shares trading hands.

Analyst Ratings Changes

HUT has been the subject of a number of research analyst reports. Canaccord Genuity Group increased their price objective 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. Cantor Fitzgerald initiated coverage on Hut 8 in a research note on Monday, December 9th. They issued an “overweight” rating and a $35.00 price objective for the company. Needham & Company LLC increased their target price on Hut 8 from $32.00 to $38.00 and gave the stock a “buy” rating in a research note on Tuesday, December 17th. Benchmark lifted their target price on Hut 8 from $17.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Finally, Piper Sandler started coverage on shares of Hut 8 in a research report on Tuesday, December 17th. They set an “overweight” rating and a $33.00 price target on the stock. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $31.88.

Hut 8 Trading Down 4.4 %

The company’s 50 day moving average is $22.99 and its 200 day moving average is $16.56. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00.

Hedge Funds Weigh In On Hut 8

A number of large investors have recently modified their holdings of the business. Capital Performance Advisors LLP acquired a new stake in shares of Hut 8 during the third quarter valued at $40,000. Amalgamated Bank acquired a new position in Hut 8 during the 2nd quarter worth approximately $42,000. Intech Investment Management LLC acquired a new position in shares of Hut 8 during the third quarter worth $133,000. Victory Capital Management Inc. acquired a new position in Hut 8 in the 2nd quarter worth $154,000. Finally, XTX Topco Ltd acquired a new stake in shares of Hut 8 during the third quarter valued at about $162,000. 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.