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

Hut 8 Corp. (NASDAQ:HUT)’s share price gapped down before the market opened on Monday . The stock had previously closed at $45.00, but opened at $41.80. Hut 8 shares last traded at $43.2760, with a volume of 924,070 shares.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on HUT. Wall Street Zen upgraded shares of Hut 8 from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. BTIG Research reiterated a “buy” rating and issued a $55.00 price objective on shares of Hut 8 in a research report on Thursday, November 6th. B. Riley reissued a “buy” rating on shares of Hut 8 in a research note on Wednesday, October 22nd. Weiss Ratings restated a “hold (c-)” rating on shares of Hut 8 in a research note on Wednesday, November 26th. Finally, Benchmark lifted their price target on Hut 8 from $36.00 to $78.00 and gave the company a “buy” rating in a report on Tuesday, October 28th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $48.80.

Hut 8 Trading Down 13.5%

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 company has a market cap of $4.07 billion, a P/E ratio of -96.62 and a beta of 4.41. The business has a 50-day moving average price of $43.01 and a two-hundred day moving average price of $29.44.

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

Hedge Funds Weigh In On Hut 8

A number of hedge funds and other institutional investors have recently bought and sold shares of HUT. Baird Financial Group Inc. acquired a new position in Hut 8 in the first quarter valued at about $360,000. Zweig DiMenna Associates LLC bought a new stake in shares of Hut 8 in the 2nd quarter valued at about $3,688,000. Nuveen LLC acquired a new stake in shares of Hut 8 in the 1st quarter valued at approximately $2,508,000. Tobam boosted its stake in Hut 8 by 48.9% during the 2nd quarter. Tobam now owns 34,945 shares of the company’s stock worth $650,000 after acquiring an additional 11,482 shares during the last quarter. Finally, Banco Bilbao Vizcaya Argentaria S.A. boosted its stake in Hut 8 by 256.6% during the 1st quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 51,621 shares of the company’s stock worth $601,000 after acquiring an additional 37,147 shares during the last quarter. 31.75% of the stock is 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.