Hut 8 (NASDAQ:HUT) Trading Down 8.7% – What’s Next?

Hut 8 Corp. (NASDAQ:HUT)’s stock price fell 8.7% on Thursday . The stock traded as low as $13.69 and last traded at $13.62. 1,965,201 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 5,126,664 shares. The stock had previously closed at $14.92.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on HUT shares. Keefe, Bruyette & Woods began coverage on shares of Hut 8 in a report on Wednesday, January 8th. They issued an “outperform” rating on the stock. Piper Sandler started coverage on Hut 8 in a report on Tuesday, December 17th. They set an “overweight” rating and a $33.00 price target for the company. HC Wainwright lowered their price objective on Hut 8 from $35.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday. Needham & Company LLC reissued a “buy” rating and set a $30.00 target price on shares of Hut 8 in a research report on Tuesday. Finally, Benchmark restated a “buy” rating and set a $41.00 target price on shares of Hut 8 in a research note on Tuesday, January 7th. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $31.38.

Hut 8 Stock Performance

The business’s fifty day moving average price is $21.21 and its 200 day moving average price is $18.72. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00.

Hedge Funds Weigh In On Hut 8

A number of hedge funds and other institutional investors have recently made changes to their positions in HUT. Vanguard Group Inc. raised its position in Hut 8 by 3.9% during the 4th quarter. Vanguard Group Inc. now owns 6,459,385 shares of the company’s stock worth $132,352,000 after buying an additional 245,113 shares during the last quarter. State Street Corp increased its position in Hut 8 by 12.6% during the 3rd quarter. State Street Corp now owns 2,740,769 shares of the company’s stock worth $33,602,000 after purchasing an additional 307,292 shares during the period. JAT Capital Mgmt LP acquired a new position in Hut 8 during the 3rd quarter worth approximately $32,260,000. Geode Capital Management LLC raised its stake in shares of Hut 8 by 21.1% during the 3rd quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock worth $26,902,000 after buying an additional 381,720 shares in the last quarter. Finally, Jericho Capital Asset Management L.P. purchased a new stake in shares of Hut 8 in the fourth quarter valued at approximately $37,400,000. Hedge funds and other 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.