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

Hut 8 Corp. (NASDAQ:HUT - Get Free Report)'s share price gapped down prior to trading on Monday . The stock had previously closed at $22.32, but opened at $21.50. Hut 8 shares last traded at $20.98, with a volume of 927,448 shares.

Analysts Set New Price Targets

Several equities analysts recently commented on HUT shares. Craig Hallum upped their price target 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 lifted their target price on Hut 8 from $17.00 to $32.00 and gave the stock a "buy" rating in a research report on Thursday, November 14th. Cantor Fitzgerald began coverage on shares of Hut 8 in a research note on Monday, December 9th. They set an "overweight" rating and a $35.00 target price for the company. Stifel Nicolaus raised their price target on shares of Hut 8 from $15.00 to $18.00 and gave the stock a "speculative buy" rating in a research note on Wednesday, October 30th. Finally, Needham & Company LLC boosted their price objective on shares of Hut 8 from $32.00 to $38.00 and gave the company a "buy" rating in a research report on Tuesday, December 17th. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $31.88.

Hut 8 Trading Down 3.6 %

The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. The firm's 50-day simple moving average is $23.11 and its two-hundred day simple moving average is $16.63.

Institutional Investors Weigh In On Hut 8

Large investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp purchased a new stake in Hut 8 in the second quarter valued at approximately $4,390,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Hut 8 by 27.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,223 shares of the company's stock worth $213,000 after acquiring an additional 3,105 shares during the period. Rhumbline Advisers raised its holdings in shares of Hut 8 by 684,077.8% during the second quarter. Rhumbline Advisers now owns 123,152 shares of the company's stock worth $1,846,000 after purchasing an additional 123,134 shares during the last quarter. Foundations Investment Advisors LLC lifted its position in Hut 8 by 2.0% during the second quarter. Foundations Investment Advisors LLC now owns 48,728 shares of the company's stock valued at $730,000 after purchasing an additional 949 shares during the period. Finally, Victory Capital Management Inc. purchased a new stake in Hut 8 in the second quarter valued at $154,000. 31.75% of the stock is 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.