Hut 8 (NASDAQ:HUT) Shares Gap Down to $18.02

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $18.02, but opened at $17.26. Hut 8 shares last traded at $16.57, with a volume of 1,259,730 shares.

Analyst Ratings Changes

A number of equities analysts have weighed in on HUT shares. Craig Hallum upped their price objective on shares of Hut 8 from $12.00 to $14.00 and gave the company a "buy" rating in a research report on Friday, June 14th. Benchmark increased their price target on Hut 8 from $12.00 to $17.00 and gave the company a "buy" rating in a report on Friday, June 21st. HC Wainwright restated a "sell" rating and set a $7.50 price objective on shares of Hut 8 in a report on Tuesday, June 25th. Needham & Company LLC increased their target price on Hut 8 from $13.00 to $15.00 and gave the company a "buy" rating in a research note on Monday, June 24th. Finally, Canaccord Genuity Group lifted their price target on shares of Hut 8 from $14.00 to $22.00 and gave the stock a "buy" rating in a research note on Thursday, June 27th. One investment analyst has rated the stock with a sell rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $15.08.

Hut 8 Stock Down 17.9 %

The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.31 and a current ratio of 0.31. The business's 50-day moving average is $13.28 and its two-hundred day moving average is $10.22.

Hut 8 (NASDAQ:HUT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 15th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.11). The company had revenue of $51.74 million during the quarter, compared to analyst estimates of $50.60 million. On average, equities analysts expect that Hut 8 Corp. will post -0.43 earnings per share for the current fiscal year.

Insider Buying and Selling at Hut 8

In other Hut 8 news, CFO Shenif Visram sold 17,905 shares of the business's stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $8.15, for a total transaction of $145,925.75. Following the sale, the chief financial officer now directly owns 30,865 shares in the company, valued at approximately $251,549.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 12.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Hut 8

Several hedge funds have recently modified their holdings of HUT. Wellington Management Group LLP boosted its position in shares of Hut 8 by 203.4% during the 3rd quarter. Wellington Management Group LLP now owns 1,125,958 shares of the company's stock valued at $2,224,000 after purchasing an additional 754,891 shares in the last quarter. Savior LLC acquired a new stake in Hut 8 during the 4th quarter worth about $1,543,000. AM Investment Strategies LLC purchased a new stake in Hut 8 during the fourth quarter valued at about $597,000. Foundations Investment Advisors LLC acquired a new position in shares of Hut 8 in the fourth quarter worth about $605,000. Finally, Nomura Holdings Inc. purchased a new position in shares of Hut 8 in the fourth quarter worth approximately $1,774,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

About Hut 8

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.