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 $21.69, but opened at $19.04. Hut 8 shares last traded at $20.55, with a volume of 1,752,163 shares.

Wall Street Analysts Forecast Growth

A number of research firms have commented on HUT. Benchmark reiterated a “buy” rating and issued a $41.00 price objective on shares of Hut 8 in a report on Tuesday, January 7th. Canaccord Genuity Group lifted their price objective on Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Keefe, Bruyette & Woods initiated coverage on Hut 8 in a report on Wednesday, January 8th. They issued an “outperform” rating for the company. Needham & Company LLC reissued a “buy” rating and set a $38.00 price target on shares of Hut 8 in a research report on Monday, January 13th. Finally, Stifel Nicolaus raised 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 report on Wednesday, October 30th. Nine analysts have rated the stock with a buy rating, According to MarketBeat.com, Hut 8 currently has a consensus rating of “Buy” and an average target price of $33.00.

Hut 8 Price Performance

The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. The company has a fifty day moving average of $24.74 and a two-hundred day moving average of $18.09.

Institutional Investors Weigh In On Hut 8

A number of hedge funds have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC lifted its stake in shares of Hut 8 by 77.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock valued at $26,000 after purchasing an additional 545 shares during the period. Foundations Investment Advisors LLC increased its holdings in Hut 8 by 1.9% in the fourth quarter. Foundations Investment Advisors LLC now owns 50,687 shares of the company’s stock valued at $1,039,000 after buying an additional 932 shares in the last quarter. R Squared Ltd acquired a new stake in shares of Hut 8 during the 4th quarter valued at approximately $26,000. New York State Common Retirement Fund boosted its stake in shares of Hut 8 by 5.6% during the 4th quarter. New York State Common Retirement Fund now owns 27,140 shares of the company’s stock worth $556,000 after acquiring an additional 1,440 shares in the last quarter. Finally, AM Investment Strategies LLC grew its holdings in shares of Hut 8 by 3.6% in the 3rd quarter. AM Investment Strategies LLC now owns 44,000 shares of the company’s stock worth $539,000 after acquiring an additional 1,521 shares during the period. Institutional investors and hedge funds own 31.75% of the company’s stock.

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.