Hut 8 (NASDAQ:HUT) Trading Down 5.2% – What’s Next?

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

Wall Street Analysts Forecast Growth

HUT has been the subject of several analyst reports. Canaccord Genuity Group raised their target price on Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Stifel Nicolaus raised their price objective on shares of Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research report on Wednesday, October 30th. HC Wainwright upped their target price on shares of Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Keefe, Bruyette & Woods assumed coverage on shares of Hut 8 in a research note on Wednesday. They issued an “outperform” rating on the stock. Finally, Needham & Company LLC boosted their price target on shares of Hut 8 from $32.00 to $38.00 and gave the company a “buy” rating in a research report on Tuesday, December 17th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $33.00.

Hut 8 Price Performance

The stock’s 50 day simple moving average is $24.08 and its 200 day simple moving average is $17.14. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35.

Institutional Trading of Hut 8

Hedge funds and other institutional investors have recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Hut 8 in the 3rd quarter valued at $9,997,000. Paloma Partners Management Co purchased a new stake in Hut 8 during the 3rd quarter valued at about $834,000. State Street Corp grew its position in Hut 8 by 12.6% during the 3rd quarter. State Street Corp now owns 2,740,769 shares of the company’s stock worth $33,602,000 after acquiring an additional 307,292 shares during the last quarter. MetLife Investment Management LLC increased its stake in shares of Hut 8 by 129.1% in the third quarter. MetLife Investment Management LLC now owns 46,719 shares of the company’s stock worth $573,000 after buying an additional 26,324 shares during the period. Finally, D1 Capital Partners L.P. bought a new stake in Hut 8 during the 2nd quarter valued at $17,388,000. Hedge funds and other institutional investors 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.