Hut 8 (NASDAQ:HUT) Shares Gap Down to $11.97

Hut 8 Corp. (NASDAQ:HUT) gapped down before the market opened on Monday . The stock had previously closed at $11.97, but opened at $11.67. Hut 8 shares last traded at $11.43, with a volume of 347,169 shares changing hands.

Wall Street Analyst Weigh In

Several analysts have issued reports on HUT shares. HC Wainwright raised Hut 8 from a “sell” rating to a “buy” rating and increased their target price for the company from $7.50 to $13.50 in a research report on Wednesday. Canaccord Genuity Group increased their target price on Hut 8 from $14.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, June 27th. Benchmark reaffirmed a “buy” rating and set a $17.00 target price on shares of Hut 8 in a research report on Wednesday, July 31st. Needham & Company LLC reaffirmed a “buy” rating and set a $15.00 target price on shares of Hut 8 in a research report on Wednesday. Finally, Craig Hallum increased their target price on Hut 8 from $12.00 to $14.00 and gave the company a “buy” rating in a research report on Friday, June 14th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $16.08.

Hut 8 Stock Down 3.8 %

The company has a debt-to-equity ratio of 0.18, a current ratio of 0.31 and a quick ratio of 0.31. The stock has a 50 day moving average of $14.30 and a 200-day moving average of $10.60.

Hut 8 (NASDAQ:HUT) last issued its earnings results 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 the consensus estimate of $50.60 million. Analysts forecast that Hut 8 Corp. will post -0.43 EPS for the current fiscal year.

Insider Activity

In other news, CFO Shenif Visram sold 20,239 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $13.38, for a total value of $270,797.82. Following the completion of the transaction, the chief financial officer now owns 43,959 shares of the company’s stock, valued at approximately $588,171.42. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 12.00% of the company’s stock.

Hedge Funds Weigh In On Hut 8

Institutional investors and hedge funds have recently modified their holdings of the stock. Amalgamated Bank acquired a new position in Hut 8 in the 2nd quarter worth about $42,000. Global Retirement Partners LLC raised its holdings in Hut 8 by 280.1% in the 1st quarter. Global Retirement Partners LLC now owns 5,428 shares of the company’s stock worth $60,000 after purchasing an additional 4,000 shares during the period. Triton Wealth Management PLLC raised its holdings in Hut 8 by 24.9% in the 1st quarter. Triton Wealth Management PLLC now owns 12,490 shares of the company’s stock worth $138,000 after purchasing an additional 2,490 shares during the period. Victory Capital Management Inc. acquired a new position in Hut 8 in the 2nd quarter worth about $154,000. Finally, Dimensional Fund Advisors LP acquired a new position in Hut 8 in the 2nd quarter worth about $200,000. Institutional investors and hedge funds 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.