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

Hut 8 logo with Finance background

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) shares gapped down prior to trading on Thursday . The stock had previously closed at $26.26, but opened at $25.56. Hut 8 shares last traded at $26.02, with a volume of 662,307 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on HUT shares. Stifel Nicolaus raised their price target on Hut 8 from $15.00 to $18.00 and gave the company a "speculative buy" rating in a report on Wednesday, October 30th. Piper Sandler assumed coverage on shares of Hut 8 in a research note on Tuesday, December 17th. They set an "overweight" rating and a $33.00 target price for the company. Cantor Fitzgerald reiterated an "overweight" rating and issued a $35.00 price target on shares of Hut 8 in a research note on Tuesday, January 7th. Canaccord Genuity Group increased their price target on shares of Hut 8 from $22.00 to $32.00 and gave the company a "buy" rating in a report on Thursday, November 14th. Finally, Needham & Company LLC restated a "buy" rating and set a $38.00 price objective on shares of Hut 8 in a report on Monday. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, Hut 8 currently has a consensus rating of "Buy" and an average target price of $33.00.

View Our Latest Research Report on HUT

Hut 8 Price Performance

The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. The business's 50-day moving average price is $24.98 and its two-hundred day moving average price is $17.53.

Institutional Trading of Hut 8

Several large investors have recently modified their holdings of HUT. Rhumbline Advisers lifted its position in 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 period. Victory Capital Management Inc. acquired a new position in shares of Hut 8 in the 2nd quarter valued at approximately $154,000. Dimensional Fund Advisors LP bought a new stake in shares of Hut 8 during the 2nd quarter worth approximately $200,000. Amalgamated Bank acquired a new stake in shares of Hut 8 during the 2nd quarter worth approximately $42,000. Finally, D1 Capital Partners L.P. acquired a new stake in shares of Hut 8 during the 2nd quarter worth approximately $17,388,000. 31.75% of the stock is owned by institutional investors and hedge funds.

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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