Hut 8 (NASDAQ:HUT) Trading Down 8.7% – Should You Sell?

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

Wall Street Analyst Weigh In

HUT has been the topic of a number of research analyst reports. Benchmark reiterated a “buy” rating and set a $41.00 target price on shares of Hut 8 in a research report on Tuesday, January 7th. Canaccord Genuity Group reissued a “buy” rating and issued a $32.00 price objective on shares of Hut 8 in a research note on Tuesday. Piper Sandler started coverage on Hut 8 in a research note on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 target price on the stock. Keefe, Bruyette & Woods assumed coverage on Hut 8 in a research report on Wednesday, January 8th. They set an “outperform” rating for the company. Finally, 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. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $31.38.

Hut 8 Stock Down 10.1 %

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 fifty day moving average price is $21.21 and its 200 day moving average price is $18.72.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Neo Ivy Capital Management bought a new stake in Hut 8 during the fourth quarter worth approximately $252,000. Two Seas Capital LP increased its stake in shares of Hut 8 by 132.7% in the fourth quarter. Two Seas Capital LP now owns 476,808 shares of the company’s stock worth $9,770,000 after acquiring an additional 271,892 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Hut 8 by 25.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 167,469 shares of the company’s stock worth $3,431,000 after purchasing an additional 33,713 shares in the last quarter. Voloridge Investment Management LLC bought a new position in Hut 8 during the fourth quarter valued at approximately $24,170,000. Finally, Vennlight Capital Management LP acquired a new position in Hut 8 during the fourth quarter worth $2,414,000. 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.