Hut 8 (NASDAQ:HUT) Shares Gap Down - Here's What Happened

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) shares gapped down before the market opened on Wednesday . The stock had previously closed at $24.85, but opened at $23.82. Hut 8 shares last traded at $23.64, with a volume of 750,132 shares changing hands.

Analyst Ratings Changes

HUT has been the topic of several recent research reports. Piper Sandler began coverage on Hut 8 in a report on Tuesday, December 17th. They issued an "overweight" rating and a $33.00 price target on the stock. Keefe, Bruyette & Woods started coverage on shares of Hut 8 in a research report on Wednesday. They set an "outperform" rating for the company. Benchmark restated a "buy" rating and issued a $41.00 price objective on shares of Hut 8 in a report on Tuesday. Stifel Nicolaus upped their target price on shares of Hut 8 from $15.00 to $18.00 and gave the company a "speculative buy" rating in a research report on Wednesday, October 30th. Finally, Craig Hallum raised their price target on Hut 8 from $15.00 to $32.00 and gave the stock a "buy" rating in a research report on Thursday, November 14th. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Hut 8 currently has an average rating of "Buy" and a consensus target price of $33.00.

Hut 8 Stock Down 5.4 %

The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. The business has a 50 day simple moving average of $23.97 and a 200-day simple moving average of $17.09.

Institutional Investors Weigh In On Hut 8

Several large investors have recently made changes to their positions in HUT. Foundations Investment Advisors LLC lifted its position in Hut 8 by 2.1% during the 3rd quarter. Foundations Investment Advisors LLC now owns 49,755 shares of the company's stock worth $610,000 after buying an additional 1,027 shares in the last quarter. AM Investment Strategies LLC raised its stake in shares of Hut 8 by 3.6% during the 3rd quarter. AM Investment Strategies LLC now owns 44,000 shares of the company's stock worth $539,000 after purchasing an additional 1,521 shares in the last quarter. Amalgamated Bank bought a new position in shares of Hut 8 in the second quarter valued at $42,000. Capital Performance Advisors LLP acquired a new position in Hut 8 during the third quarter worth $40,000. Finally, BNP Paribas Financial Markets raised its position in Hut 8 by 24.6% during the third quarter. BNP Paribas Financial Markets now owns 18,520 shares of the company's stock worth $227,000 after acquiring an additional 3,653 shares in the last quarter. Institutional investors own 31.75% of the company's stock.

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.