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

Hut 8 Corp. (NASDAQ:HUT)’s share price gapped down prior to trading on Monday . The stock had previously closed at $22.32, but opened at $21.50. Hut 8 shares last traded at $20.98, with a volume of 927,448 shares changing hands.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Cantor Fitzgerald initiated coverage on Hut 8 in a research report on Monday, December 9th. They issued an “overweight” rating and a $35.00 target price for the company. Piper Sandler began 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 on the stock. Needham & Company LLC upped their target price on Hut 8 from $32.00 to $38.00 and gave the company a “buy” rating in a report on Tuesday, December 17th. HC Wainwright raised their price target on Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Finally, Benchmark increased their target price on Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $31.88.

Hut 8 Trading Down 4.4 %

The business’s 50 day moving average is $22.99 and its two-hundred day moving average is $16.56. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35.

Institutional Investors Weigh In On Hut 8

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Capital Performance Advisors LLP bought a new stake in shares of Hut 8 in the 3rd quarter worth $40,000. Amalgamated Bank acquired a new stake in shares of Hut 8 during the second quarter worth approximately $42,000. Intech Investment Management LLC acquired a new stake in shares of Hut 8 during the 3rd quarter valued at $133,000. Victory Capital Management Inc. purchased a new position in shares of Hut 8 during the 2nd quarter valued at $154,000. Finally, XTX Topco Ltd bought a new position in Hut 8 during the third quarter valued at approximately $162,000. 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.