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

Shares of Hut 8 Corp. (NASDAQ:HUT) gapped down before the market opened on Thursday . The stock had previously closed at $18.52, but opened at $17.83. Hut 8 shares last traded at $18.12, with a volume of 484,198 shares trading hands.

Analysts Set New Price Targets

HUT has been the topic of a number of recent research reports. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price target on shares of Hut 8 in a research report on Friday, March 7th. UBS Group set a $33.00 target price on shares of Hut 8 in a report on Wednesday, April 2nd. B. Riley initiated coverage on Hut 8 in a report on Wednesday, May 14th. They set a “buy” rating and a $25.00 target price for the company. Northland Capmk raised Hut 8 to a “strong-buy” rating in a report on Monday, April 21st. Finally, JMP Securities started coverage on Hut 8 in a research report on Thursday, May 22nd. They set a “market outperform” rating and a $25.00 price objective for the company. Fifteen analysts have rated the stock with a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat, Hut 8 presently has an average rating of “Buy” and a consensus target price of $25.76.

Hut 8 Stock Performance

The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. The stock has a 50 day moving average price of $14.46 and a 200 day moving average price of $18.30.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.06). The business had revenue of $20.88 million for the quarter, compared to analysts’ expectations of $33.68 million. On average, research analysts forecast that Hut 8 Corp. will post -0.53 EPS for the current year.

Insider Buying and Selling

In other news, insider Victor Semah sold 11,363 shares of the business’s stock in a transaction on Monday, May 5th. The stock was sold at an average price of $12.95, for a total transaction of $147,150.85. Following the sale, the insider now directly owns 15,738 shares of the company’s stock, valued at $203,807.10. The trade was a 41.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 11.20% of the company’s stock.

Hedge Funds Weigh In On Hut 8

Institutional investors have recently bought and sold shares of the stock. Summit Investment Advisors Inc. boosted its holdings in shares of Hut 8 by 7.9% during the fourth quarter. Summit Investment Advisors Inc. now owns 8,475 shares of the company’s stock worth $174,000 after purchasing an additional 618 shares during the period. Arizona State Retirement System lifted its holdings in shares of Hut 8 by 2.8% during the 4th quarter. Arizona State Retirement System now owns 23,764 shares of the company’s stock valued at $487,000 after buying an additional 637 shares during the last quarter. Victory Capital Management Inc. grew its position in Hut 8 by 7.9% in the first quarter. Victory Capital Management Inc. now owns 11,127 shares of the company’s stock worth $129,000 after acquiring an additional 819 shares in the last quarter. New York State Common Retirement Fund increased its stake in shares of Hut 8 by 5.6% during the 4th quarter. New York State Common Retirement Fund now owns 27,140 shares of the company’s stock worth $556,000 after purchasing an additional 1,440 shares during the last quarter. Finally, Optiver Holding B.V. bought a new position in shares of Hut 8 during the 4th quarter valued at $35,000. 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.