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

Shares of Hut 8 Corp. (NASDAQ:HUT) gapped down before the market opened on Thursday . The stock had previously closed at $26.26, but opened at $25.56. Hut 8 shares last traded at $26.02, with a volume of 662,307 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. HC Wainwright raised their target price on shares of Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Stifel Nicolaus raised their target price on shares of Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research note on Wednesday, October 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $35.00 target price on shares of Hut 8 in a research note on Tuesday, January 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $38.00 target price on shares of Hut 8 in a research note on Monday, January 13th. Finally, Keefe, Bruyette & Woods assumed coverage on shares of Hut 8 in a research note on Wednesday, January 8th. They set an “outperform” rating for the company. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $33.00.

Hut 8 Price Performance

The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. The firm’s 50-day simple moving average is $25.12 and its 200-day simple moving average is $17.61.

Institutional Investors Weigh In On Hut 8

Several large investors have recently added to or reduced their stakes in HUT. Nisa Investment Advisors LLC lifted its position in shares of Hut 8 by 77.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock worth $26,000 after purchasing an additional 545 shares during the period. Foundations Investment Advisors LLC lifted its position in shares of Hut 8 by 2.1% in the 3rd quarter. Foundations Investment Advisors LLC now owns 49,755 shares of the company’s stock worth $610,000 after purchasing an additional 1,027 shares during the period. AM Investment Strategies LLC lifted its position 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 purchasing an additional 1,521 shares during the period. Amalgamated Bank purchased a new stake in shares of Hut 8 in the 2nd quarter worth approximately $42,000. Finally, Capital Performance Advisors LLP purchased a new stake in shares of Hut 8 in the 3rd quarter worth approximately $40,000. 31.75% of the stock is owned by hedge funds and other institutional investors.

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.