Hut 8 (NASDAQ:HUT) Shares Gap Down - Here's Why

Hut 8 Corp. (NASDAQ:HUT - Get Free Report)'s share price gapped down prior to trading 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 traded.

Analyst Upgrades and Downgrades

HUT has been the topic of a number of research analyst reports. Needham & Company LLC restated a "buy" rating and issued a $38.00 target price on shares of Hut 8 in a research report on Monday, January 13th. Stifel Nicolaus boosted their price objective on shares of Hut 8 from $15.00 to $18.00 and gave the company a "speculative buy" rating in a report on Wednesday, October 30th. Benchmark reaffirmed a "buy" rating and issued a $41.00 target price on shares of Hut 8 in a research report on Tuesday, January 7th. Cantor Fitzgerald reiterated an "overweight" rating and set a $35.00 price target on shares of Hut 8 in a research report on Tuesday, January 7th. Finally, Craig Hallum upped their price objective on shares of Hut 8 from $15.00 to $32.00 and gave the stock a "buy" rating in a report on Thursday, November 14th. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $33.00.

Hut 8 Stock Performance

The business's fifty day moving average price is $25.12 and its 200 day moving average price is $17.64. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00.

Institutional Trading of Hut 8

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Hut 8 during the 3rd quarter worth $9,997,000. Paloma Partners Management Co purchased a new position in Hut 8 during the third quarter worth about $834,000. State Street Corp lifted its position in Hut 8 by 12.6% in the third quarter. State Street Corp now owns 2,740,769 shares of the company's stock valued at $33,602,000 after purchasing an additional 307,292 shares during the period. MetLife Investment Management LLC boosted its holdings in Hut 8 by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 46,719 shares of the company's stock valued at $573,000 after purchasing an additional 26,324 shares in the last quarter. Finally, D1 Capital Partners L.P. acquired a new position in Hut 8 during the 2nd quarter worth approximately $17,388,000. 31.75% of the stock is owned by hedge funds and other 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.