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

Hut 8 Corp. (NASDAQ:HUT)’s share price 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.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on HUT shares. Craig Hallum lifted their target price 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. Canaccord Genuity Group lifted their target price on shares of Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. HC Wainwright boosted their price objective on shares of Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Stifel Nicolaus boosted their price objective on shares of Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a report on Wednesday, October 30th. Finally, Needham & Company LLC boosted their price objective on shares of Hut 8 from $21.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $30.17.

Hut 8 Trading Down 3.4 %

The firm’s fifty day moving average price is $16.18 and its 200 day moving average price 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 Investors Weigh In On Hut 8

A number of hedge funds have recently bought and sold shares of the business. Capital Performance Advisors LLP purchased a new stake in shares of Hut 8 in the third quarter valued at $40,000. Amalgamated Bank bought a new position in shares of Hut 8 in the second quarter worth about $42,000. Intech Investment Management LLC bought a new position in shares of Hut 8 in the third quarter worth about $133,000. Victory Capital Management Inc. bought a new position in shares of Hut 8 in the second quarter worth about $154,000. Finally, XTX Topco Ltd bought a new position in shares of Hut 8 in the third quarter worth about $162,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

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.