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

Hut 8 Corp. (NASDAQ:HUT) shares gapped down before the market opened on Tuesday . The stock had previously closed at $39.26, but opened at $37.47. Hut 8 shares last traded at $37.7020, with a volume of 768,654 shares trading hands.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on HUT shares. Benchmark boosted their price target on shares of Hut 8 from $36.00 to $78.00 and gave the company a “buy” rating in a research report on Tuesday, October 28th. Rosenblatt Securities reiterated a “buy” rating and set a $65.00 target price on shares of Hut 8 in a report on Wednesday, November 5th. Cantor Fitzgerald increased their target price on Hut 8 from $24.00 to $64.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 4th. B. Riley reiterated a “buy” rating on shares of Hut 8 in a report on Wednesday, October 22nd. Finally, Roth Capital reissued a “buy” rating and set a $60.00 price objective (up previously from $31.00) on shares of Hut 8 in a research note on Monday, September 15th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Hut 8 has an average rating of “Buy” and a consensus price target of $48.80.

Hut 8 Trading Up 6.0%

The stock’s fifty day moving average price is $42.57 and its 200 day moving average price is $28.62. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.14. The stock has a market cap of $4.58 billion, a PE ratio of -108.64 and a beta of 4.40.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings results on Tuesday, November 4th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.09. Hut 8 had a return on equity of 8.06% and a net margin of 115.39%.The firm had revenue of $80.72 million for the quarter, compared to the consensus estimate of $64.70 million. On average, sell-side analysts forecast that Hut 8 Corp. will post -0.53 EPS for the current year.

Institutional Trading of Hut 8

A number of large investors have recently made changes to their positions in HUT. Vanguard Group Inc. lifted its position in Hut 8 by 1.8% during the third quarter. Vanguard Group Inc. now owns 7,728,037 shares of the company’s stock valued at $269,013,000 after purchasing an additional 140,248 shares during the period. Ameriprise Financial Inc. raised its stake in Hut 8 by 20.3% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,991,466 shares of the company’s stock valued at $104,133,000 after buying an additional 504,652 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Hut 8 by 13.7% during the 2nd quarter. Geode Capital Management LLC now owns 2,563,091 shares of the company’s stock valued at $47,679,000 after buying an additional 309,113 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Hut 8 by 45.5% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,555,800 shares of the company’s stock worth $54,156,000 after buying an additional 486,721 shares during the last quarter. Finally, Value Aligned Research Advisors LLC increased its position in Hut 8 by 59.8% during the third quarter. Value Aligned Research Advisors LLC now owns 1,481,712 shares of the company’s stock valued at $51,578,000 after acquiring an additional 554,672 shares during the last quarter. 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.