Hut 8 (NASDAQ:HUT) Stock Price Down 8.6% – Here’s What Happened

Hut 8 Corp. (NASDAQ:HUT) shares were down 8.6% on Monday . The stock traded as low as $16.08 and last traded at $16.38. 1,144,272 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 4,742,615 shares. The stock had previously closed at $17.93.

Analyst Ratings Changes

Several analysts have recently commented on HUT shares. Benchmark reiterated a “buy” rating and set a $41.00 price objective on shares of Hut 8 in a report on Tuesday, January 7th. HC Wainwright raised their price target on Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Stifel Nicolaus upped their price objective on shares of Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a report on Wednesday, October 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $35.00 price objective on shares of Hut 8 in a research report on Tuesday, January 7th. Finally, Keefe, Bruyette & Woods started coverage on shares of Hut 8 in a research report on Wednesday, January 8th. They set an “outperform” rating on the stock. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Hut 8 presently has an average rating of “Buy” and a consensus price target of $33.00.

Hut 8 Stock Performance

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 stock has a 50-day moving average of $22.89 and a 200 day moving average of $18.58.

Institutional Trading of Hut 8

A number of hedge funds and other institutional investors have recently made changes to their positions in HUT. SteelPeak Wealth LLC purchased a new stake in Hut 8 in the third quarter valued at $568,000. AM Investment Strategies LLC lifted its holdings in shares of Hut 8 by 3.6% in the 3rd quarter. AM Investment Strategies LLC now owns 44,000 shares of the company’s stock valued at $539,000 after buying an additional 1,521 shares during the period. Capital Performance Advisors LLP purchased a new stake in shares of Hut 8 in the third quarter worth about $40,000. Entropy Technologies LP acquired a new stake in Hut 8 during the third quarter worth about $170,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Hut 8 during the third quarter valued at approximately $9,997,000. Institutional investors and hedge funds 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.