Hut 8 (NASDAQ:HUT) Trading Down 8.6% – Here’s Why

Hut 8 Corp. (NASDAQ:HUT) shares traded down 8.6% on Monday . The company 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 session volume of 4,742,615 shares. The stock had previously closed at $17.93.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on HUT. HC Wainwright increased their target price on shares of Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Cantor Fitzgerald restated an “overweight” rating and issued a $35.00 price objective on shares of Hut 8 in a research report on Tuesday, January 7th. Stifel Nicolaus lifted their price target on shares of Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research note on Wednesday, October 30th. Benchmark reissued a “buy” rating and issued a $41.00 price target on shares of Hut 8 in a report on Tuesday, January 7th. Finally, Canaccord Genuity Group increased their price objective on shares of Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Hut 8 presently has a consensus rating of “Buy” and an average price target of $33.00.

Hut 8 Price Performance

The firm’s 50 day moving average is $22.89 and its 200-day moving average is $18.58. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00.

Hedge Funds Weigh In On Hut 8

A number of institutional investors and hedge funds have recently added to or reduced their stakes in HUT. Vanguard Group Inc. raised its holdings in shares of 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 acquiring an additional 245,113 shares during the period. State Street Corp grew its stake in shares of Hut 8 by 12.6% in the 3rd quarter. State Street Corp now owns 2,740,769 shares of the company’s stock valued at $33,602,000 after buying an additional 307,292 shares during the period. JAT Capital Mgmt LP acquired a new stake in shares of Hut 8 during the 3rd quarter worth approximately $32,260,000. Geode Capital Management LLC increased its holdings 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 during the last quarter. Finally, Jericho Capital Asset Management L.P. purchased a new stake in shares of Hut 8 during the 4th quarter valued at approximately $37,400,000. Institutional investors and hedge funds 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.