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 $25.86, but opened at $25.00. Hut 8 shares last traded at $25.32, with a volume of 732,970 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on HUT. HC Wainwright increased their price target on Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Canaccord Genuity Group raised their price objective on shares of Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Craig Hallum increased their price target on shares of Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Piper Sandler assumed coverage on Hut 8 in a research report on Tuesday, December 17th. They set an “overweight” rating and a $33.00 price target on the stock. Finally, Benchmark reaffirmed a “buy” rating and set a $41.00 price objective on shares of Hut 8 in a research note on Tuesday, January 7th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $33.00.

Hut 8 Trading Up 2.1 %

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 company’s 50 day simple moving average is $25.24 and its two-hundred day simple moving average is $17.84.

Institutional Trading of Hut 8

Several large investors have recently modified their holdings of the company. R Squared Ltd bought a new stake in shares of Hut 8 in the fourth quarter valued at about $26,000. Foundations Investment Advisors LLC raised its stake in shares of 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 purchasing an additional 932 shares in the last quarter. KBC Group NV acquired a new stake in Hut 8 during the fourth quarter worth $69,000. GoalVest Advisory LLC bought a new stake in Hut 8 in the 4th quarter valued at $330,000. Finally, Nisa Investment Advisors LLC raised its stake 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 valued at $26,000 after buying an additional 545 shares in the last quarter. 31.75% of the stock is owned by 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.