Hut 8 (NASDAQ:HUT) Trading Down 5.5% – Should You Sell?

Hut 8 Corp. (NASDAQ:HUT)’s stock price dropped 5.5% on Wednesday . The company traded as low as $27.95 and last traded at $28.00. Approximately 1,311,985 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 5,382,044 shares. The stock had previously closed at $29.62.

Wall Street Analyst Weigh In

Several research firms recently weighed in on HUT. Piper Sandler initiated coverage on shares of Hut 8 in a research note on Tuesday. They set an “overweight” rating and a $33.00 price objective on the stock. Cantor Fitzgerald began coverage on shares of Hut 8 in a report on Monday, December 9th. They issued an “overweight” rating and a $35.00 price target for the company. Canaccord Genuity Group raised their price objective on Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Benchmark increased their price target on Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Finally, HC Wainwright boosted their price objective on Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Hut 8 presently has an average rating of “Buy” and an average target price of $31.88.

Hut 8 Trading Down 8.9 %

The firm’s 50 day moving average price is $21.70 and its two-hundred day moving average price is $15.91. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00.

Institutional Trading of Hut 8

Hedge funds have recently made changes to their positions in the business. Capital Performance Advisors LLP bought a new stake in shares of Hut 8 during the third quarter worth approximately $40,000. Amalgamated Bank bought a new position in shares of Hut 8 during the second quarter worth approximately $42,000. Intech Investment Management LLC bought a new stake in shares of Hut 8 in the third quarter valued at approximately $133,000. Victory Capital Management Inc. acquired a new stake in Hut 8 during the second quarter worth approximately $154,000. Finally, XTX Topco Ltd bought a new position in Hut 8 during the 3rd quarter worth $162,000. 31.75% of the stock is owned by institutional investors and hedge funds.

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.