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 $18.52, but opened at $17.83. Hut 8 shares last traded at $18.12, with a volume of 484,198 shares changing hands.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. B. Riley initiated coverage on shares of Hut 8 in a report on Wednesday, May 14th. They set a "buy" rating and a $25.00 price objective on the stock. Citizens Jmp raised Hut 8 to a "strong-buy" rating and set a $25.00 price target for the company in a report on Thursday, May 22nd. HC Wainwright reissued a "buy" rating and set a $25.00 price objective on shares of Hut 8 in a report on Friday, May 9th. Canaccord Genuity Group restated a "buy" rating and set a $32.00 price objective on shares of Hut 8 in a research report on Monday, May 12th. Finally, BTIG Research began coverage on Hut 8 in a research report on Monday, April 14th. They issued a "buy" rating and a $18.00 target price for the company. Fifteen research analysts have rated the stock with a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $25.76.

Hut 8 Stock Down 4.8%

The stock's 50 day simple moving average is $14.59 and its two-hundred day simple moving average is $18.11. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00.

Hut 8 (NASDAQ:HUT - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.18) earnings per share for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.06). The company had revenue of $20.88 million for the quarter, compared to analyst estimates of $33.68 million. On average, equities research analysts anticipate that Hut 8 Corp. will post -0.53 earnings per share for the current year.

Insider Transactions at Hut 8

In other news, insider Victor Semah sold 11,363 shares of Hut 8 stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $12.95, for a total transaction of $147,150.85. Following the completion of the sale, the insider now owns 15,738 shares in the company, valued at $203,807.10. The trade was a 41.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 11.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Hut 8

Hedge funds and other institutional investors have recently bought and sold shares of the business. Summit Investment Advisors Inc. boosted its holdings in Hut 8 by 7.9% during the fourth quarter. Summit Investment Advisors Inc. now owns 8,475 shares of the company's stock worth $174,000 after buying an additional 618 shares during the last quarter. Arizona State Retirement System boosted its stake in Hut 8 by 2.8% during the 4th quarter. Arizona State Retirement System now owns 23,764 shares of the company's stock worth $487,000 after acquiring an additional 637 shares during the last quarter. Victory Capital Management Inc. boosted its stake in Hut 8 by 7.9% during the 1st quarter. Victory Capital Management Inc. now owns 11,127 shares of the company's stock worth $129,000 after acquiring an additional 819 shares during the last quarter. New York State Common Retirement Fund grew its holdings in Hut 8 by 5.6% during the fourth quarter. New York State Common Retirement Fund now owns 27,140 shares of the company's stock valued at $556,000 after purchasing an additional 1,440 shares during the period. Finally, Optiver Holding B.V. bought a new stake in Hut 8 in the fourth quarter valued at approximately $35,000. 31.75% of the stock is owned by institutional investors.

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.