Hut 8 (NASDAQ:HUT) Shares Down 15.3% - Should You Sell?

Hut 8 Corp. (NASDAQ:HUT - Get Free Report)'s share price traded down 15.3% on Monday . The company traded as low as $22.23 and last traded at $22.05. 3,045,392 shares were traded during mid-day trading, a decline of 45% from the average session volume of 5,495,660 shares. The stock had previously closed at $26.04.

Analyst Upgrades and Downgrades

HUT has been the subject of several research analyst reports. Benchmark reiterated a "buy" rating and issued a $41.00 price objective on shares of Hut 8 in a research report on Tuesday, January 7th. Keefe, Bruyette & Woods began coverage on shares of Hut 8 in a report on Wednesday, January 8th. They issued an "outperform" rating for the company. Canaccord Genuity Group boosted their price objective on shares of Hut 8 from $22.00 to $32.00 and gave the stock a "buy" rating in a report on Thursday, November 14th. Piper Sandler initiated coverage on shares of Hut 8 in a report on Tuesday, December 17th. They issued an "overweight" rating and a $33.00 target price for the company. Finally, Needham & Company LLC reiterated a "buy" rating and set a $38.00 price target on shares of Hut 8 in a research report on Monday, January 13th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of "Buy" and an average target price of $33.00.

Hut 8 Trading Up 0.9 %

The stock's 50 day simple moving average is $24.87 and its two-hundred day simple moving average is $18.07. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00.

Institutional Investors Weigh In On Hut 8

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC raised its stake in shares of Hut 8 by 77.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company's stock valued at $26,000 after acquiring an additional 545 shares during the period. R Squared Ltd acquired a new stake in Hut 8 in the 4th quarter valued at $26,000. Capital Performance Advisors LLP purchased a new position in Hut 8 in the third quarter valued at about $40,000. Principal Securities Inc. acquired a new position in shares of Hut 8 during the fourth quarter worth about $45,000. Finally, KBC Group NV purchased a new stake in shares of Hut 8 in the fourth quarter worth about $69,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

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.