Hut 8 (NASDAQ:HUT) Shares Gap Down Following Analyst Downgrade

Hut 8 Corp. (NASDAQ:HUT - Get Free Report)'s stock price gapped down before the market opened on Thursday after Benchmark lowered their price target on the stock from $41.00 to $33.00. The stock had previously closed at $13.39, but opened at $11.77. Benchmark currently has a buy rating on the stock. Hut 8 shares last traded at $12.04, with a volume of 1,171,568 shares traded.

Several other equities research analysts have also recently weighed in on the stock. Keefe, Bruyette & Woods assumed coverage on shares of Hut 8 in a research report on Wednesday, January 8th. They set an "outperform" rating for the company. Rosenblatt Securities initiated coverage on shares of Hut 8 in a research report on Friday, March 7th. They issued a "buy" rating and a $23.00 target price for the company. HC Wainwright reduced their price target on shares of Hut 8 from $35.00 to $30.00 and set a "buy" rating on the stock in a research report on Tuesday, March 4th. Piper Sandler assumed coverage on shares of Hut 8 in a research note on Tuesday, December 17th. They issued an "overweight" rating and a $33.00 price objective on the stock. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $30.00 target price on shares of Hut 8 in a research note on Friday, March 7th. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $29.40.

Institutional Investors Weigh In On Hut 8

Several hedge funds have recently modified their holdings of the company. Nisa Investment Advisors LLC raised its position in Hut 8 by 77.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company's stock valued at $26,000 after purchasing an additional 545 shares during the last quarter. Summit Investment Advisors Inc. increased its stake in shares of Hut 8 by 7.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 8,475 shares of the company's stock valued at $174,000 after buying an additional 618 shares during the period. Arizona State Retirement System raised its holdings in Hut 8 by 2.8% in the 4th quarter. Arizona State Retirement System now owns 23,764 shares of the company's stock valued at $487,000 after buying an additional 637 shares during the last quarter. Foundations Investment Advisors LLC boosted its position in Hut 8 by 1.9% during the 4th quarter. Foundations Investment Advisors LLC now owns 50,687 shares of the company's stock worth $1,039,000 after buying an additional 932 shares during the period. Finally, R Squared Ltd bought a new stake in Hut 8 during the 4th quarter worth approximately $26,000. Institutional investors and hedge funds own 31.75% of the company's stock.

Hut 8 Stock Up 0.2 %

The company's 50-day simple moving average is $15.91 and its 200-day simple moving average is $19.05. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00.

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.