Hut 8 (NASDAQ:HUT) Shares Down 5.7%

Hut 8 Corp. (NASDAQ:HUT)’s stock price traded down 5.7% during trading on Wednesday . The stock traded as low as $8.98 and last traded at $9.08. 2,756,758 shares traded hands during mid-day trading, a decline of 46% from the average session volume of 5,148,355 shares. The stock had previously closed at $9.63.

Analysts Set New Price Targets

A number of brokerages recently issued reports on HUT. HC Wainwright lifted their price target on shares of Hut 8 from $7.00 to $9.00 and gave the company a “sell” rating in a research report on Thursday, March 28th. Benchmark began coverage on shares of Hut 8 in a research note on Monday. They issued a “buy” rating and a $12.00 price target for the company. Canaccord Genuity Group dropped their price objective on shares of Hut 8 from $17.50 to $14.00 and set a “buy” rating on the stock in a report on Friday, April 5th. Needham & Company LLC reissued a “buy” rating and issued a $12.00 target price on shares of Hut 8 in a report on Monday, April 1st. Finally, Stifel Nicolaus boosted their price target on shares of Hut 8 from $3.25 to $15.00 and gave the stock a “speculative buy” rating in a research report on Monday, January 8th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.33.

Hut 8 Trading Down 0.6 %

The stock’s fifty day moving average price is $8.65 and its 200 day moving average price is $7.45. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.61 and a quick ratio of 4.61. The stock has a market capitalization of $786.20 million, a P/E ratio of -3.20 and a beta of 3.91.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in HUT. Van ECK Associates Corp lifted its position in shares of Hut 8 by 15.7% during the third quarter. Van ECK Associates Corp now owns 2,198,471 shares of the company’s stock valued at $4,287,000 after buying an additional 297,552 shares during the last quarter. Qube Research & Technologies Ltd acquired a new position in Hut 8 in the 3rd quarter worth approximately $3,429,000. Wellington Management Group LLP increased its holdings in Hut 8 by 203.4% in the 3rd quarter. Wellington Management Group LLP now owns 1,125,958 shares of the company’s stock worth $2,224,000 after buying an additional 754,891 shares during the period. Westend Capital Management LLC acquired a new position in Hut 8 in the 1st quarter worth approximately $5,190,000. Finally, TD Asset Management Inc increased its holdings in Hut 8 by 2.7% in the 3rd quarter. TD Asset Management Inc now owns 203,130 shares of the company’s stock worth $401,000 after buying an additional 5,373 shares during the period. 31.75% of the stock is currently owned by 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.