Hut 8 (NASDAQ:HUT) Stock Price Down 5.6% – Here’s Why

Hut 8 Corp. (NASDAQ:HUT) fell 5.6% during mid-day trading on Tuesday . The stock traded as low as $26.44 and last traded at $25.40. 1,081,499 shares changed hands during trading, a decline of 80% from the average session volume of 5,285,583 shares. The stock had previously closed at $26.92.

Analyst Ratings Changes

HUT has been the subject of a number of research analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $38.00 price target on shares of Hut 8 in a report on Monday, January 13th. HC Wainwright raised their price target on Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Benchmark reiterated a “buy” rating and issued a $41.00 price objective on shares of Hut 8 in a research report on Tuesday, January 7th. Canaccord Genuity Group raised their target price 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. Finally, Stifel Nicolaus upped their price target 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. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $33.00.

Hut 8 Stock Down 2.8 %

The stock has a 50-day moving average price of $25.17 and a 200 day moving average price of $17.71. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00.

Institutional Investors Weigh In On Hut 8

A number of institutional investors have recently bought and sold shares of the stock. Nisa Investment Advisors LLC boosted its holdings in shares of Hut 8 by 77.9% in 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. Capital Performance Advisors LLP purchased a new stake in Hut 8 during the third quarter valued at about $40,000. Amalgamated Bank acquired a new stake in Hut 8 during the second quarter worth about $42,000. Intech Investment Management LLC purchased a new position in shares of Hut 8 in the 3rd quarter worth about $133,000. Finally, Victory Capital Management Inc. acquired a new position in shares of Hut 8 in the 2nd quarter valued at about $154,000. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

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.