Hut 8 (NASDAQ:HUT) Shares Gap Down – Time to Sell?

Hut 8 Corp. (NASDAQ:HUT) shares gapped down prior to trading on Monday . The stock had previously closed at $28.02, but opened at $27.12. Hut 8 shares last traded at $26.85, with a volume of 2,521,115 shares traded.

Wall Street Analysts Forecast Growth

HUT has been the subject of a number of recent research reports. Needham & Company LLC boosted their price objective on shares of Hut 8 from $21.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. HC Wainwright boosted their price target on Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Canaccord Genuity Group boosted their price target on Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Benchmark lifted their price objective on Hut 8 from $17.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Finally, Stifel Nicolaus increased their price target on shares of Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a report on Wednesday, October 30th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $30.17.

Hut 8 Stock Down 7.5 %

The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. The company’s 50 day simple moving average is $17.46 and its two-hundred day simple moving average is $14.25.

Hedge Funds Weigh In On Hut 8

Institutional investors and hedge funds have recently made changes to their positions in the stock. Foundations Investment Advisors LLC lifted its stake in Hut 8 by 2.0% in the second quarter. Foundations Investment Advisors LLC now owns 48,728 shares of the company’s stock valued at $730,000 after buying an additional 949 shares during the last quarter. AM Investment Strategies LLC raised its stake in Hut 8 by 3.6% in the 3rd quarter. AM Investment Strategies LLC now owns 44,000 shares of the company’s stock valued at $539,000 after purchasing an additional 1,521 shares during the last quarter. Amalgamated Bank purchased a new position in shares of Hut 8 during the 2nd quarter worth $42,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Hut 8 by 27.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,223 shares of the company’s stock worth $213,000 after purchasing an additional 3,105 shares during the last quarter. Finally, Capital Performance Advisors LLP acquired a new position in shares of Hut 8 in the 3rd quarter valued at about $40,000. 31.75% of the stock is 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.