Hut 8 (NASDAQ:HUT) Trading Down 9.6% – Should You Sell?

Hut 8 Corp. (NASDAQ:HUT) dropped 9.6% during trading on Thursday . The company traded as low as $16.26 and last traded at $16.42. Approximately 4,539,875 shares were traded during trading, a decline of 8% from the average daily volume of 4,915,835 shares. The stock had previously closed at $18.16.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on HUT shares. Canaccord Genuity Group reaffirmed a “buy” rating and set a $22.00 price objective on shares of Hut 8 in a research report on Wednesday, August 21st. Needham & Company LLC upped their price objective on shares of Hut 8 from $15.00 to $16.50 and gave the company a “buy” rating in a report on Tuesday, September 24th. Stifel Nicolaus boosted their price target on Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research note on Wednesday. Benchmark reiterated a “buy” rating and set a $17.00 price objective on shares of Hut 8 in a research report on Monday, October 7th. Finally, Craig Hallum upped their price target on shares of Hut 8 from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, October 2nd. Six analysts have rated the stock with a buy rating, According to MarketBeat, Hut 8 currently has a consensus rating of “Buy” and an average target price of $17.00.

Hut 8 Price Performance

The company has a debt-to-equity ratio of 0.43, a current ratio of 1.68 and a quick ratio of 1.68. The firm’s 50 day moving average price is $12.12 and its two-hundred day moving average price is $11.97.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings data on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.09) by $0.11. The company had revenue of $35.22 million during the quarter, compared to analysts’ expectations of $38.00 million. Analysts forecast that Hut 8 Corp. will post -0.56 EPS for the current fiscal year.

Insider Activity at Hut 8

In related news, Director Joseph Flinn sold 7,618 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $11.74, for a total transaction of $89,435.32. Following the sale, the director now owns 11,861 shares of the company’s stock, valued at approximately $139,248.14. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Joseph Flinn sold 7,618 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $11.74, for a total transaction of $89,435.32. Following the completion of the sale, the director now directly owns 11,861 shares in the company, valued at approximately $139,248.14. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Shenif Visram sold 20,239 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $13.38, for a total transaction of $270,797.82. Following the completion of the sale, the chief financial officer now owns 43,959 shares of the company’s stock, valued at $588,171.42. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Hut 8

A number of large investors have recently made changes to their positions in HUT. AM Investment Strategies LLC raised its position in shares of Hut 8 by 3.6% during the 3rd quarter. AM Investment Strategies LLC now owns 44,000 shares of the company’s stock valued at $539,000 after buying an additional 1,521 shares in the last quarter. SteelPeak Wealth LLC bought a new stake in Hut 8 during the 3rd quarter valued at $568,000. Foundations Investment Advisors LLC grew its holdings in Hut 8 by 2.1% during the 3rd quarter. Foundations Investment Advisors LLC now owns 49,755 shares of the company’s stock worth $610,000 after acquiring an additional 1,027 shares in the last quarter. Westend Capital Management LLC boosted its stake in shares of Hut 8 by 4.0% during the third quarter. Westend Capital Management LLC now owns 496,940 shares of the company’s stock valued at $6,092,000 after purchasing an additional 18,979 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new position in shares of Hut 8 in the 3rd quarter valued at $334,000. 31.75% of the stock is currently owned by 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.