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

Hut 8 Corp. (NASDAQ:HUT)’s stock price dropped 15.3% on Monday . The company traded as low as $22.23 and last traded at $22.05. Approximately 3,045,392 shares traded hands during 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

HUT has been the subject of several research reports. Craig Hallum lifted their price target on shares of Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Needham & Company LLC reiterated a “buy” rating and set a $38.00 price objective on shares of Hut 8 in a report on Monday, January 13th. Piper Sandler started coverage on shares of Hut 8 in a report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 target price on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $35.00 price target on shares of Hut 8 in a research note on Tuesday, January 7th. Finally, HC Wainwright increased their price objective on Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Hut 8 has a consensus rating of “Buy” and an average target price of $33.00.

Hut 8 Trading Down 0.9 %

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 business has a 50 day moving average price of $25.08 and a two-hundred day moving average price of $18.04.

Institutional Inflows and Outflows

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

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.