Hut 8 (NASDAQ:HUT) Shares Gap Down – Should You Sell?

Hut 8 Corp. (NASDAQ:HUT)’s share price gapped down prior to trading on Monday . The stock had previously closed at $28.02, but opened at $27.12. Hut 8 shares last traded at $26.85, with a volume of 2,521,115 shares changing hands.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Craig Hallum lifted their price objective on shares of Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Benchmark boosted their price objective on Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Stifel Nicolaus raised their target price on Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a report on Wednesday, October 30th. Needham & Company LLC upped their price target on Hut 8 from $21.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Finally, Canaccord Genuity Group raised their price objective on Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $30.17.

Hut 8 Price Performance

The firm has a fifty day simple moving average of $18.00 and a two-hundred day simple moving average of $14.48. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35.

Hedge Funds Weigh In On Hut 8

Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in Hut 8 by 8,329.2% in the 1st quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock worth $30,770,000 after purchasing an additional 2,754,037 shares during the period. Bank of New York Mellon Corp bought a new position in shares of Hut 8 in the second quarter valued at approximately $4,390,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Hut 8 by 27.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,223 shares of the company’s stock valued at $213,000 after acquiring an additional 3,105 shares in the last quarter. Rhumbline Advisers increased its holdings in Hut 8 by 684,077.8% during the 2nd quarter. Rhumbline Advisers now owns 123,152 shares of the company’s stock worth $1,846,000 after acquiring an additional 123,134 shares during the period. Finally, Foundations Investment Advisors LLC lifted its stake in Hut 8 by 2.0% in the 2nd quarter. Foundations Investment Advisors LLC now owns 48,728 shares of the company’s stock worth $730,000 after purchasing an additional 949 shares in the last quarter. 31.75% of the stock is currently owned by hedge funds and other 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.