Hut 8 (NASDAQ:HUT) Trading Down 5.2% - Should You Sell?

Shares of Hut 8 Corp. (NASDAQ:HUT - Get Free Report) dropped 5.2% during mid-day trading on Tuesday . The company traded as low as $25.12 and last traded at $25.28. Approximately 2,618,559 shares were traded during trading, a decline of 45% from the average daily volume of 4,738,748 shares. The stock had previously closed at $26.67.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Benchmark reaffirmed a "buy" rating and issued a $41.00 target price on shares of Hut 8 in a report on Tuesday. Piper Sandler initiated coverage on Hut 8 in a research report on Tuesday, December 17th. They set an "overweight" rating and a $33.00 price objective on the stock. Stifel Nicolaus increased their target price on shares of Hut 8 from $15.00 to $18.00 and gave the stock a "speculative buy" rating in a 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 company a "buy" rating in a report on Thursday, November 14th. Finally, Needham & Company LLC increased their price objective on shares of Hut 8 from $32.00 to $38.00 and gave the stock a "buy" rating in a research note on Tuesday, December 17th. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $33.00.

Hut 8 Trading Down 6.8 %

The firm's 50-day moving average price is $23.82 and its 200-day moving average price is $17.01. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35.

Hedge Funds Weigh In On Hut 8

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp raised its position in shares of Hut 8 by 12.6% during the 3rd quarter. State Street Corp now owns 2,740,769 shares of the company's stock valued at $33,602,000 after buying an additional 307,292 shares in the last quarter. JAT Capital Mgmt LP bought a new stake in Hut 8 during the third quarter worth approximately $32,260,000. Geode Capital Management LLC raised its position in Hut 8 by 21.1% during the third quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company's stock valued at $26,902,000 after purchasing an additional 381,720 shares during the period. D1 Capital Partners L.P. bought a new stake in shares of Hut 8 in the 2nd quarter valued at approximately $17,388,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Hut 8 by 31.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 833,165 shares of the company's stock worth $10,215,000 after purchasing an additional 197,074 shares during the period. 31.75% of the stock is 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.