Hut 8 (NASDAQ:HUT) Shares Down 4.9% – Here’s What Happened

Hut 8 Corp. (NASDAQ:HUT)’s stock price was down 4.9% during mid-day trading on Tuesday . The stock traded as low as $23.67 and last traded at $23.81. Approximately 2,286,574 shares were traded during mid-day trading, a decline of 55% from the average daily volume of 5,106,558 shares. The stock had previously closed at $25.04.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on HUT. 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. Stifel Nicolaus lifted their price objective on shares of Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a research report on Wednesday, October 30th. Craig Hallum lifted their price target on shares of Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Canaccord Genuity Group increased their price target on Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, Needham & Company LLC upped their price target on shares of Hut 8 from $21.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Hut 8 has an average rating of “Buy” and a consensus target price of $30.17.

Hut 8 Stock Performance

The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a 50 day simple moving average of $14.77 and a 200 day simple moving average of $13.12.

Hedge Funds Weigh In On Hut 8

Several hedge funds have recently made changes to their positions in HUT. Vanguard Group Inc. boosted its position in shares of Hut 8 by 8,329.2% during the first quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock valued at $30,770,000 after purchasing an additional 2,754,037 shares in the last quarter. JAT Capital Mgmt LP bought a new stake in shares of Hut 8 during the 3rd quarter valued at $32,260,000. Tidal Investments LLC purchased a new stake in Hut 8 in the first quarter worth about $18,191,000. D1 Capital Partners L.P. bought a new stake in Hut 8 during the 2nd quarter worth approximately $17,388,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Hut 8 in the 3rd quarter worth $9,997,000. 31.75% of the stock is 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.