Hut 8 (NASDAQ:HUT) Shares Gap Down to $7.87

Shares of Hut 8 Corp. (NASDAQ:HUT) gapped down before the market opened on Tuesday . The stock had previously closed at $7.87, but opened at $7.69. Hut 8 shares last traded at $7.89, with a volume of 225,004 shares.

Analyst Ratings Changes

HUT has been the subject of several research reports. Needham & Company LLC lifted their price objective on Hut 8 from $12.00 to $13.00 and gave the stock a “buy” rating in a report on Thursday. Benchmark reissued a “buy” rating and issued a $12.00 price target on shares of Hut 8 in a report on Thursday. Canaccord Genuity Group reissued a “buy” rating and issued a $14.00 price target on shares of Hut 8 in a report on Thursday. Craig Hallum raised Hut 8 from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a report on Thursday. Finally, HC Wainwright cut their price target on Hut 8 from $9.00 to $7.50 and set a “sell” rating for the company in a report on Thursday. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Hut 8 has a consensus rating of “Moderate Buy” and an average target price of $12.25.

Hut 8 Trading Up 1.0 %

The business has a 50 day simple moving average of $8.53 and a two-hundred day simple moving average of $8.06. The company has a current ratio of 4.61, a quick ratio of 4.61 and a debt-to-equity ratio of 0.04. The stock has a market cap of $798.16 million, a price-to-earnings ratio of -3.24 and a beta of 3.98.

Insider Buying and Selling at Hut 8

In related news, CFO Shenif Visram sold 17,905 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The stock was 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 of the company’s stock, valued at approximately $251,549.75. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Institutional Investors Weigh In On Hut 8

Hedge funds have recently added to or reduced their stakes in the stock. Private Advisor Group LLC raised its stake in Hut 8 by 54.7% during the 3rd quarter. Private Advisor Group LLC now owns 18,095 shares of the company’s stock valued at $35,000 after acquiring an additional 6,400 shares in the last quarter. Global Retirement Partners LLC raised its stake in shares of Hut 8 by 280.1% during the first quarter. Global Retirement Partners LLC now owns 5,428 shares of the company’s stock valued at $60,000 after purchasing an additional 4,000 shares in the last quarter. Headlands Technologies LLC acquired a new stake in Hut 8 in the third quarter worth about $73,000. Triton Wealth Management PLLC grew its position in Hut 8 by 24.9% in the 1st quarter. Triton Wealth Management PLLC now owns 12,490 shares of the company’s stock valued at $138,000 after buying an additional 2,490 shares in the last quarter. Finally, Mackenzie Financial Corp increased its stake in Hut 8 by 7.3% during the 3rd quarter. Mackenzie Financial Corp now owns 91,752 shares of the company’s stock valued at $168,000 after buying an additional 6,225 shares during the period. 31.75% of the stock is currently owned by 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.