Hut 8 (NASDAQ:HUT) Shares Gap Down – What’s Next?

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.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Canaccord Genuity Group raised their price target on shares of Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $35.00 price target on shares of Hut 8 in a research note on Tuesday, January 7th. Benchmark reissued a “buy” rating and set a $41.00 target price on shares of Hut 8 in a research note on Tuesday, January 7th. Craig Hallum lifted their target price on shares of Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, 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 target price for the company. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Hut 8 presently has an average rating of “Buy” and an average target price of $33.00.

Hut 8 Stock Up 0.1 %

The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. The business’s fifty day simple moving average is $24.83 and its 200 day simple moving average is $17.47.

Institutional Investors Weigh In On Hut 8

Large investors have recently bought and sold shares of the stock. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Hut 8 in the third quarter worth $9,997,000. Paloma Partners Management Co acquired a new stake in Hut 8 in the third quarter worth $834,000. State Street Corp grew its holdings in shares of Hut 8 by 12.6% during the third quarter. State Street Corp now owns 2,740,769 shares of the company’s stock valued at $33,602,000 after buying an additional 307,292 shares during the last quarter. MetLife Investment Management LLC grew its holdings in shares of Hut 8 by 129.1% during the third quarter. MetLife Investment Management LLC now owns 46,719 shares of the company’s stock valued at $573,000 after buying an additional 26,324 shares during the last quarter. Finally, D1 Capital Partners L.P. acquired a new position in shares of Hut 8 during the second quarter valued at about $17,388,000. 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.