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

Hut 8 Corp. (NASDAQ:HUT) shares gapped down prior to trading 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

A number of analysts recently issued reports on HUT shares. Roth Capital reissued a “buy” rating and set a $60.00 price target (up from $31.00) on shares of Hut 8 in a report on Monday, September 15th. Weiss Ratings reissued a “hold (c-)” rating on shares of Hut 8 in a research note on Thursday. BTIG Research restated a “buy” rating and set a $55.00 target price on shares of Hut 8 in a research report on Thursday, November 6th. Cantor Fitzgerald lifted their price target on Hut 8 from $24.00 to $64.00 and gave the company an “overweight” rating in a research note on Tuesday, November 4th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $65.00 price target on shares of Hut 8 in a report on Wednesday, November 5th. 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 stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $48.80.

Hut 8 Price Performance

The company has a 50-day moving average of $42.38 and a 200 day moving average of $28.34. 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 capitalization of $4.11 billion, a PE ratio of -97.36 and a beta of 4.40.

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

Insiders Place Their Bets

In other news, Director Joseph Flinn sold 8,500 shares of the stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $26.55, for a total value of $225,675.00. Following the completion of the sale, the director owned 9,791 shares of the company’s stock, valued at $259,951.05. This represents a 46.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 11.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in HUT. Nisa Investment Advisors LLC increased its stake in Hut 8 by 116.4% during the second quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company’s stock worth $28,000 after acquiring an additional 815 shares during the last quarter. Advisors Asset Management Inc. grew its holdings in shares of Hut 8 by 68.4% during the 2nd quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company’s stock worth $30,000 after purchasing an additional 655 shares during the period. State of Wyoming acquired a new stake in shares of Hut 8 during the 1st quarter worth about $32,000. US Bancorp DE raised its holdings in Hut 8 by 3,961.7% in the 1st quarter. US Bancorp DE now owns 3,290 shares of the company’s stock valued at $38,000 after buying an additional 3,209 shares during the period. Finally, Russell Investments Group Ltd. raised its holdings in Hut 8 by 235.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock valued at $46,000 after buying an additional 1,719 shares during the period. 31.75% of the stock is currently owned by institutional investors and hedge funds.

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.