Hut 8 (NASDAQ:HUT) Shares Gap Down – Time to Sell?

by · The Cerbat Gem

Hut 8 Corp. (NASDAQ:HUT – Get Free Report) shares gapped down before the market opened on Monday . The stock had previously closed at $13.80, but opened at $13.23. Hut 8 shares last traded at $12.88, with a volume of 1,315,326 shares traded.

Wall Street Analysts Forecast Growth

HUT has been the topic of a number of analyst reports. Maxim Group began coverage on shares of Hut 8 in a research note on Thursday. They set a “buy” rating and a $20.00 price objective on the stock. Northland Securities assumed coverage on Hut 8 in a research note on Monday, April 21st. They set an “outperform” rating and a $20.00 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $30.00 price target on shares of Hut 8 in a report on Tuesday, March 4th. HC Wainwright cut their target price on shares of Hut 8 from $35.00 to $30.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. Finally, Keefe, Bruyette & Woods assumed coverage on Hut 8 in a research note on Wednesday, January 8th. They issued an “outperform” rating for the company. Thirteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $27.08.

Read Our Latest Research Report on Hut 8

Hut 8 Price Performance

The business has a 50-day moving average of $12.61 and a 200 day moving average of $19.03. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00.

Hedge Funds Weigh In On Hut 8

A number of hedge funds have recently added to or reduced their stakes in HUT. R Squared Ltd bought a new stake in Hut 8 during the fourth quarter worth $26,000. Nisa Investment Advisors LLC increased its position in shares of Hut 8 by 77.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock valued at $26,000 after acquiring an additional 545 shares during the last quarter. Optiver Holding B.V. bought a new stake in Hut 8 during the fourth quarter worth $35,000. Russell Investments Group Ltd. boosted its position in Hut 8 by 832.4% in the fourth quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company’s stock worth $42,000 after purchasing an additional 1,823 shares during the last quarter. Finally, Principal Securities Inc. bought a new position in Hut 8 in the 4th quarter valued at $45,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

About Hut 8

(Get Free Report)

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.

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