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

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) shares gapped down before the market opened on Monday . The stock had previously closed at $16.02, but opened at $15.51. Hut 8 shares last traded at $15.33, with a volume of 521,010 shares trading hands.

Wall Street Analyst Weigh In

HUT has been the subject of a number of research analyst reports. Craig Hallum lifted their price target on shares of Hut 8 from $14.00 to $15.00 and gave the stock a "buy" rating in a research note on Wednesday, October 2nd. Stifel Nicolaus boosted 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 note on Wednesday, October 30th. Needham & Company LLC increased their price target on Hut 8 from $15.00 to $16.50 and gave the company a "buy" rating in a report on Tuesday, September 24th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $22.00 price objective on shares of Hut 8 in a report on Wednesday, August 21st. Finally, HC Wainwright reissued a "buy" rating and issued a $13.50 target price on shares of Hut 8 in a report on Friday, September 20th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $17.00.

Hut 8 Stock Down 2.9 %

The firm has a 50 day moving average price of $12.27 and a 200 day moving average price of $12.12. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 0.43.

Hut 8 (NASDAQ:HUT - Get Free Report) last issued its quarterly earnings results on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, topping analysts' consensus estimates of ($0.09) by $0.11. The company had revenue of $35.22 million during the quarter, compared to analysts' expectations of $38.00 million. Sell-side analysts expect that Hut 8 Corp. will post -0.56 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Joseph Flinn sold 7,618 shares of the company's stock in a transaction on Friday, August 16th. The shares were sold at an average price of $11.74, for a total value of $89,435.32. Following the completion of the transaction, the director now owns 11,861 shares of the company's stock, valued at approximately $139,248.14. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 12.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Hut 8

Several hedge funds have recently modified their holdings of HUT. Amalgamated Bank purchased a new stake in shares of Hut 8 in the second quarter worth about $42,000. Capital Performance Advisors LLP bought a new position in shares of Hut 8 during the 3rd quarter valued at approximately $40,000. Victory Capital Management Inc. bought a new position in shares of Hut 8 during the 2nd quarter valued at approximately $154,000. Dimensional Fund Advisors LP purchased a new position in shares of Hut 8 in the second quarter valued at $200,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in 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 purchasing an additional 3,105 shares during the last quarter. Hedge funds and other institutional investors own 31.75% of the company's stock.

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.