Hut 8 (NASDAQ:HUT) Shares Down 5.6% – Here’s Why

Hut 8 Corp. (NASDAQ:HUT)’s share price traded down 5.6% during trading on Tuesday . The stock traded as low as $26.44 and last traded at $25.40. 1,081,499 shares were traded during trading, a decline of 80% from the average session volume of 5,285,583 shares. The stock had previously closed at $26.92.

Analyst Upgrades and Downgrades

HUT has been the topic of a number of research analyst reports. Cantor Fitzgerald restated an “overweight” rating and issued a $35.00 target price on shares of Hut 8 in a research note on Tuesday, January 7th. HC Wainwright boosted their price objective on Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Keefe, Bruyette & Woods started coverage on Hut 8 in a research note on Wednesday, January 8th. They issued an “outperform” rating for the company. Needham & Company LLC reiterated a “buy” rating and set a $38.00 target price on shares of Hut 8 in a research note on Monday, January 13th. Finally, Craig Hallum boosted their price target on shares of Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $33.00.

Hut 8 Stock Performance

The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. The business has a 50-day moving average price of $25.24 and a 200 day moving average price of $17.84.

Institutional Trading of Hut 8

Hedge funds and other institutional investors have recently modified their holdings of the business. Nisa Investment Advisors LLC lifted its holdings in Hut 8 by 77.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock worth $26,000 after purchasing an additional 545 shares in the last quarter. R Squared Ltd purchased a new stake in shares of Hut 8 in the fourth quarter worth about $26,000. Amalgamated Bank bought a new position in shares of Hut 8 in the second quarter valued at approximately $42,000. Capital Performance Advisors LLP bought a new position in shares of Hut 8 in the third quarter valued at approximately $40,000. Finally, KBC Group NV purchased a new position in Hut 8 during the fourth quarter valued at approximately $69,000. Institutional investors own 31.75% of the company’s stock.

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.