Hut 8 (NASDAQ:HUT) Shares Down 5.6% - Here's What Happened

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) shares dropped 5.6% on Tuesday . The company traded as low as $26.44 and last traded at $25.40. Approximately 1,081,499 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 5,285,583 shares. The stock had previously closed at $26.92.

Analyst Upgrades and Downgrades

A number of research firms have commented on HUT. Craig Hallum boosted their price target on shares of Hut 8 from $15.00 to $32.00 and gave the stock a "buy" rating in a research note on Thursday, November 14th. HC Wainwright increased their target price on Hut 8 from $26.00 to $35.00 and gave the company a "buy" rating in a research note on Thursday, November 14th. Benchmark restated a "buy" rating and set a $41.00 price target on shares of Hut 8 in a research report on Tuesday, January 7th. Canaccord Genuity Group upped their price objective on Hut 8 from $22.00 to $32.00 and gave the stock a "buy" rating in a report on Thursday, November 14th. Finally, Needham & Company LLC reissued a "buy" rating and set a $38.00 price objective on shares of Hut 8 in a report on Monday, January 13th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $33.00.

Hut 8 Stock Performance

The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. The firm has a 50-day moving average of $25.24 and a 200-day moving average of $17.84.

Institutional Investors Weigh In On Hut 8

A number of large investors have recently added to or reduced their stakes in the company. State Street Corp increased its stake in shares of Hut 8 by 12.6% during the third 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 during the period. JAT Capital Mgmt LP bought a new stake in Hut 8 in the third quarter valued at $32,260,000. Geode Capital Management LLC boosted its holdings in Hut 8 by 21.1% in the third quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company's stock valued at $26,902,000 after acquiring an additional 381,720 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Hut 8 by 31.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 833,165 shares of the company's stock valued at $10,215,000 after purchasing an additional 197,074 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Hut 8 in the 3rd quarter worth $9,997,000. Institutional investors own 31.75% of the company's stock.

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.

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