Hut 8 (NASDAQ:HUT) Shares Down 4.9% – Here’s What Happened

Hut 8 Corp. (NASDAQ:HUT)’s share price dropped 4.9% during trading on Tuesday . The stock traded as low as $23.67 and last traded at $23.81. Approximately 2,286,574 shares traded hands during mid-day trading, a decline of 55% from the average daily volume of 5,106,558 shares. The stock had previously closed at $25.04.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on HUT shares. Craig Hallum lifted their target price on shares of Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Needham & Company LLC upped their price objective on shares of Hut 8 from $21.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Benchmark raised their target price on Hut 8 from $17.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Canaccord Genuity Group upped their price target on Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Finally, Stifel Nicolaus raised 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. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, Hut 8 has an average rating of “Buy” and a consensus price target of $30.17.

Hut 8 Trading Down 3.4 %

The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. The company’s 50 day moving average price is $15.07 and its two-hundred day moving average price is $13.24.

Institutional Trading of Hut 8

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Capital Performance Advisors LLP purchased a new stake in Hut 8 in the third quarter valued at $40,000. Amalgamated Bank acquired a new position in Hut 8 in the second quarter valued at about $42,000. Intech Investment Management LLC purchased a new position in Hut 8 during the third quarter worth about $133,000. Victory Capital Management Inc. acquired a new stake in shares of Hut 8 during the second quarter valued at about $154,000. Finally, XTX Topco Ltd purchased a new stake in shares of Hut 8 in the 3rd quarter valued at approximately $162,000. 31.75% of the stock is owned by institutional investors and hedge funds.

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.