Hut 8 (NASDAQ:HUT) Trading Down 5.4%

Shares of Hut 8 Corp. (NASDAQ:HUT) traded down 5.4% during trading on Tuesday . The stock traded as low as $8.35 and last traded at $8.37. 1,109,349 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 4,834,327 shares. The stock had previously closed at $8.85.

Analysts Set New Price Targets

HUT has been the subject of a number of research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $12.00 price objective on shares of Hut 8 in a research report on Monday, April 1st. Craig Hallum lifted their price objective on Hut 8 from $10.00 to $12.00 and gave the company a “hold” rating in a research note on Monday, April 1st. Benchmark restated a “buy” rating and set a $12.00 target price on shares of Hut 8 in a report on Tuesday. HC Wainwright increased their price target on shares of Hut 8 from $7.00 to $9.00 and gave the stock a “sell” rating in a research report on Thursday, March 28th. Finally, Canaccord Genuity Group dropped their price objective on shares of Hut 8 from $17.50 to $14.00 and set a “buy” rating for the company in a report on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $12.33.

Hut 8 Stock Down 7.5 %

The business has a 50-day simple moving average of $8.57 and a 200-day simple moving average of $7.80. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.61 and a current ratio of 4.61. The company has a market cap of $732.87 million, a price-to-earnings ratio of -2.99 and a beta of 3.98.

Institutional Investors Weigh In On Hut 8

A number of large investors have recently modified their holdings of the company. Golden Green Inc. acquired a new position in shares of Hut 8 during the third quarter worth $29,000. Private Advisor Group LLC boosted its position in shares of Hut 8 by 54.7% during the 3rd quarter. Private Advisor Group LLC now owns 18,095 shares of the company’s stock worth $35,000 after acquiring an additional 6,400 shares in the last quarter. QCM Cayman Ltd. purchased a new position in shares of Hut 8 in the 3rd quarter valued at about $60,000. Global Retirement Partners LLC raised its position in shares of Hut 8 by 280.1% during the 1st quarter. Global Retirement Partners LLC now owns 5,428 shares of the company’s stock worth $60,000 after acquiring an additional 4,000 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new stake in Hut 8 during the third quarter worth approximately $73,000. 31.75% of the stock is owned by hedge funds and other institutional investors.

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.