Hut 8 (NASDAQ:HUT) Shares Gap Down – Here’s Why
by Amy Steele · The Cerbat GemHut 8 Corp. (NASDAQ:HUT – Get Free Report)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $50.39, but opened at $48.15. Hut 8 shares last traded at $52.5180, with a volume of 525,128 shares.
Analyst Ratings Changes
HUT has been the subject of a number of research analyst reports. JMP Securities lifted their target price on shares of Hut 8 from $25.00 to $65.00 and gave the company a “market outperform” rating in a research note on Tuesday, October 21st. Rosenblatt Securities reaffirmed a “buy” rating and set a $65.00 price target on shares of Hut 8 in a report on Thursday, December 18th. Cantor Fitzgerald lifted their price objective on Hut 8 from $24.00 to $64.00 and gave the company an “overweight” rating in a research report on Tuesday, November 4th. Piper Sandler restated an “overweight” rating on shares of Hut 8 in a report on Thursday. Finally, Craig Hallum restated a “buy” rating and issued a $80.00 target price on shares of Hut 8 in a research note on Thursday. Two analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $53.76.
Get Our Latest Analysis on Hut 8
Hut 8 Stock Performance
The stock has a market cap of $5.77 billion, a price-to-earnings ratio of -136.25 and a beta of 4.42. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.14. The firm has a fifty day simple moving average of $43.71 and a 200-day simple moving average of $32.01.
Hut 8 (NASDAQ:HUT – Get Free Report) last released its earnings results on Tuesday, November 4th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.09. Hut 8 had a return on equity of 8.06% and a net margin of 115.39%.The company had revenue of $80.72 million during the quarter, compared to the consensus estimate of $64.70 million. Analysts forecast that Hut 8 Corp. will post -0.53 EPS for the current fiscal year.
Institutional Inflows and Outflows
A number of large investors have recently added to or reduced their stakes in HUT. Nisa Investment Advisors LLC raised its holdings in Hut 8 by 116.4% in the second quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company’s stock worth $28,000 after purchasing an additional 815 shares during the period. Advisors Asset Management Inc. increased its position in shares of Hut 8 by 68.4% in the 2nd quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company’s stock valued at $30,000 after buying an additional 655 shares in the last quarter. NewEdge Advisors LLC raised its stake in Hut 8 by 67.2% during the 3rd quarter. NewEdge Advisors LLC now owns 2,257 shares of the company’s stock worth $79,000 after buying an additional 907 shares during the period. Russell Investments Group Ltd. raised its stake in Hut 8 by 235.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock worth $46,000 after buying an additional 1,719 shares during the period. Finally, State of Wyoming bought a new position in Hut 8 during the first quarter worth about $32,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.
About Hut 8
Hut 8 Corp., trading on the Nasdaq under the symbol HUT, is a North American digital infrastructure company specializing in cryptocurrency mining and high‐performance computing. Founded in 2017 and headquartered in Toronto, Canada, Hut 8 operates purpose‐built data centers that house fleets of specialized ASIC and GPU servers. Through its flagship mining facilities in Alberta and Ontario, the company leverages low‐cost, low‐carbon power sources—such as hydroelectric and natural gas—to support sustainable bitcoin production.