Hut 8 (NASDAQ:HUT) Trading Down 5.2% – Should You Sell?

Hut 8 Corp. (NASDAQ:HUT) fell 5.2% during trading on Tuesday . The stock traded as low as $25.12 and last traded at $25.28. 2,618,559 shares changed hands during trading, a decline of 45% from the average session volume of 4,738,748 shares. The stock had previously closed at $26.67.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on HUT shares. Needham & Company LLC increased their price target on shares of Hut 8 from $32.00 to $38.00 and gave the company a “buy” rating in a report on Tuesday, December 17th. Craig Hallum boosted their price target on Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. HC Wainwright raised their price objective on Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Piper Sandler initiated coverage on Hut 8 in a report on Tuesday, December 17th. They set an “overweight” rating and a $33.00 price objective for the company. Finally, Canaccord Genuity Group upped their target price on Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $33.00.

Hut 8 Price Performance

The business has a 50-day moving average of $23.82 and a 200 day moving average of $17.01. 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 Investors Weigh In On Hut 8

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Amalgamated Bank purchased a new stake in Hut 8 in the 2nd quarter worth approximately $42,000. Capital Performance Advisors LLP acquired a new position in Hut 8 in the third quarter valued at $40,000. Victory Capital Management Inc. acquired a new position in Hut 8 in the second quarter valued at $154,000. Intech Investment Management LLC purchased a new position in Hut 8 during the third quarter worth about $133,000. Finally, XTX Topco Ltd acquired a new stake in Hut 8 in the 3rd quarter worth about $162,000. 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.