Hut 8 (NASDAQ:HUT) Stock Price Down 15.3% – Here’s Why

Shares of Hut 8 Corp. (NASDAQ:HUT) were down 15.3% during mid-day trading on Monday . The company traded as low as $22.23 and last traded at $22.05. Approximately 3,045,392 shares changed hands during mid-day trading, a decline of 45% from the average daily volume of 5,495,660 shares. The stock had previously closed at $26.04.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Benchmark reaffirmed a “buy” rating and set a $41.00 price target on shares of Hut 8 in a research report on Tuesday, January 7th. Needham & Company LLC reiterated a “buy” rating and set a $38.00 target price on shares of Hut 8 in a report on Monday, January 13th. HC Wainwright raised their price target on Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Stifel Nicolaus increased their price objective on Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a report on Wednesday, October 30th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $35.00 target price on shares of Hut 8 in a report on Tuesday, January 7th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat, Hut 8 has an average rating of “Buy” and an average price target of $33.00.

Hut 8 Stock Down 21.8 %

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’s fifty day simple moving average is $25.30 and its 200-day simple moving average is $17.98.

Institutional Investors Weigh In On Hut 8

Hedge funds have recently added to or reduced their stakes in the business. Connor Clark & Lunn Investment Management Ltd. bought a new position in Hut 8 during the third quarter worth $9,997,000. Paloma Partners Management Co purchased a new position in shares of Hut 8 during the third quarter valued at approximately $834,000. State Street Corp raised its position in Hut 8 by 12.6% in the 3rd quarter. State Street Corp now owns 2,740,769 shares of the company’s stock valued at $33,602,000 after buying an additional 307,292 shares during the last quarter. MetLife Investment Management LLC boosted its holdings in Hut 8 by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 46,719 shares of the company’s stock worth $573,000 after acquiring an additional 26,324 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Hut 8 by 21.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock worth $26,902,000 after acquiring an additional 381,720 shares in the last quarter. 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.