Hut 8 (NASDAQ:HUT) Shares Gap Down – Should You Sell?

Hut 8 Corp. (NASDAQ:HUT)’s share price gapped down before the market opened on Monday . The stock had previously closed at $16.02, but opened at $15.51. Hut 8 shares last traded at $15.33, with a volume of 521,010 shares traded.

Analyst Ratings Changes

A number of research analysts have recently commented on HUT shares. Craig Hallum increased their price objective on Hut 8 from $14.00 to $15.00 and gave the company a “buy” rating in a report on Wednesday, October 2nd. Canaccord Genuity Group reissued a “buy” rating and issued a $22.00 price target on shares of Hut 8 in a report on Wednesday, August 21st. Benchmark reissued a “buy” rating and set a $17.00 price objective on shares of Hut 8 in a report on Monday, October 7th. HC Wainwright reiterated a “buy” rating and set a $13.50 price objective on shares of Hut 8 in a research note on Friday, September 20th. Finally, Needham & Company LLC upped their target price on shares of Hut 8 from $15.00 to $16.50 and gave the company a “buy” rating in a research report on Tuesday, September 24th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $17.00.

Hut 8 Stock Up 7.6 %

The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 0.43. The firm has a fifty day simple moving average of $12.45 and a 200-day simple moving average of $12.24.

Hut 8 (NASDAQ:HUT) last announced its earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.11. The company had revenue of $35.22 million during the quarter, compared to analyst estimates of $38.00 million. On average, research analysts predict that Hut 8 Corp. will post -0.56 EPS for the current fiscal year.

Insider Transactions at Hut 8

In other news, Director Joseph Flinn sold 7,618 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $11.74, for a total transaction of $89,435.32. Following the completion of the transaction, the director now directly owns 11,861 shares in the company, valued at $139,248.14. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 12.00% of the company’s stock.

Institutional Trading of Hut 8

Several institutional investors and hedge funds have recently bought and sold shares of the business. Capital Performance Advisors LLP acquired a new position in shares of Hut 8 during the 3rd quarter worth approximately $40,000. Amalgamated Bank acquired a new stake in shares of Hut 8 during the 2nd quarter worth about $42,000. Victory Capital Management Inc. bought a new stake in shares of Hut 8 during the 2nd quarter worth about $154,000. Entropy Technologies LP acquired a new position in Hut 8 in the 3rd quarter valued at about $170,000. Finally, Dimensional Fund Advisors LP acquired a new stake in Hut 8 during the second quarter worth approximately $200,000. Institutional investors 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.