Hut 8 (NASDAQ:HUT) Trading Down 5.2% – Here’s What Happened

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

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on HUT. Needham & Company LLC raised their target price on Hut 8 from $32.00 to $38.00 and gave the company a “buy” rating in a research note on Tuesday, December 17th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $35.00 price objective on shares of Hut 8 in a research report on Tuesday. Keefe, Bruyette & Woods started coverage on shares of Hut 8 in a research report on Wednesday. They set an “outperform” rating on the stock. Stifel Nicolaus lifted their target price 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. Finally, Craig Hallum increased their price target on Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Nine analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $33.00.

Hut 8 Trading Down 5.4 %

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

Institutional Investors Weigh In On Hut 8

Several institutional investors have recently modified their holdings of HUT. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Hut 8 in the third quarter worth $9,997,000. Paloma Partners Management Co bought a new stake in Hut 8 during the 3rd quarter valued at $834,000. State Street Corp grew its stake in Hut 8 by 12.6% in the third quarter. State Street Corp now owns 2,740,769 shares of the company’s stock valued at $33,602,000 after purchasing an additional 307,292 shares during the last quarter. MetLife Investment Management LLC lifted its position in shares of Hut 8 by 129.1% during the third quarter. MetLife Investment Management LLC now owns 46,719 shares of the company’s stock valued at $573,000 after buying an additional 26,324 shares during the last quarter. Finally, D1 Capital Partners L.P. bought a new stake in shares of Hut 8 in the 2nd quarter valued at about $17,388,000. 31.75% of the stock is 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.