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

Hut 8 Corp. (NASDAQ:HUT) gapped down before the market opened on Wednesday . The stock had previously closed at $24.85, but opened at $23.82. Hut 8 shares last traded at $23.64, with a volume of 750,132 shares trading hands.

Analyst Ratings Changes

Several equities research analysts recently issued reports on HUT shares. Keefe, Bruyette & Woods initiated coverage on shares of Hut 8 in a research report on Wednesday. They issued an “outperform” rating on the stock. Piper Sandler initiated coverage on shares of Hut 8 in a research note on Tuesday, December 17th. They set an “overweight” rating and a $33.00 price objective for the company. Benchmark reaffirmed a “buy” rating and set a $41.00 price target on shares of Hut 8 in a research report on Tuesday. HC Wainwright raised their price objective on Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Finally, Craig Hallum upped their target price on Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $33.00.

Hut 8 Stock Performance

The company has a 50 day moving average of $23.97 and a 200 day moving average of $17.09. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35.

Institutional Trading of Hut 8

Institutional investors and hedge funds have recently made changes to their positions in the stock. Amalgamated Bank acquired a new stake in Hut 8 in the 2nd quarter valued at approximately $42,000. Capital Performance Advisors LLP acquired a new position in shares of Hut 8 during the third quarter valued at $40,000. Victory Capital Management Inc. bought a new stake in shares of Hut 8 during the second quarter valued at about $154,000. Intech Investment Management LLC bought a new position in Hut 8 in the 3rd quarter valued at about $133,000. Finally, XTX Topco Ltd acquired a new position in Hut 8 during the 3rd quarter valued at about $162,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

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.