Hut 8 (NASDAQ:HUT) Shares Gap Down – Here’s Why

Hut 8 Corp. (NASDAQ:HUT) shares gapped down before the market opened on Monday . The stock had previously closed at $13.51, but opened at $12.73. Hut 8 shares last traded at $12.23, with a volume of 831,080 shares changing hands.

Analysts Set New Price Targets

HUT has been the subject of a number of research reports. Piper Sandler started 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. Keefe, Bruyette & Woods assumed coverage on Hut 8 in a report on Wednesday, January 8th. They issued an “outperform” rating on the stock. Craig Hallum increased their target price on Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Benchmark reaffirmed a “buy” rating and issued a $41.00 price target on shares of Hut 8 in a research note on Tuesday, January 7th. Finally, Rosenblatt Securities started coverage on Hut 8 in a research note on Friday, March 7th. They issued a “buy” rating and a $23.00 price objective for the company. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $29.89.

Hut 8 Stock Up 3.5 %

The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. The business has a 50-day moving average price of $20.45 and a 200-day moving average price of $18.78.

Institutional Trading of Hut 8

Several large investors have recently added to or reduced their stakes in the stock. Neo Ivy Capital Management acquired a new position in shares of Hut 8 during the 4th quarter valued at about $252,000. Two Seas Capital LP boosted its holdings in Hut 8 by 132.7% in the 4th quarter. Two Seas Capital LP now owns 476,808 shares of the company’s stock valued at $9,770,000 after purchasing an additional 271,892 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Hut 8 by 25.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 167,469 shares of the company’s stock valued at $3,431,000 after buying an additional 33,713 shares during the period. Voloridge Investment Management LLC purchased a new stake in shares of Hut 8 in the 4th quarter valued at approximately $24,170,000. Finally, Vennlight Capital Management LP acquired a new stake in shares of Hut 8 during the 4th quarter worth approximately $2,414,000. 31.75% of the stock is currently 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.