Hut 8 (NASDAQ:HUT) Stock Price Down 5.5% - Here's What Happened

Hut 8 Corp. (NASDAQ:HUT - Get Free Report)'s share price was down 5.5% on Wednesday . The stock traded as low as $27.95 and last traded at $28.00. Approximately 1,311,985 shares traded hands during trading, a decline of 76% from the average daily volume of 5,382,044 shares. The stock had previously closed at $29.62.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Craig Hallum raised 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. 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 report on Wednesday, October 30th. Cantor Fitzgerald started coverage on shares of Hut 8 in a report on Monday, December 9th. They issued an "overweight" rating and a $35.00 price target on the stock. Canaccord Genuity Group upped their target price on Hut 8 from $22.00 to $32.00 and gave the company a "buy" rating in a research report on Thursday, November 14th. Finally, Piper Sandler began coverage on Hut 8 in a report on Tuesday. They set an "overweight" rating and a $33.00 price target for the company. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $31.88.

Hut 8 Stock Down 11.8 %

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 company's 50 day moving average is $21.14 and its 200 day moving average is $15.78.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Barclays PLC grew its stake in Hut 8 by 29.7% during the third quarter. Barclays PLC now owns 124,527 shares of the company's stock worth $1,526,000 after purchasing an additional 28,532 shares during the period. Geode Capital Management LLC lifted its position in shares of 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 in the last quarter. Y Intercept Hong Kong Ltd boosted its stake in shares of Hut 8 by 25.6% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 60,492 shares of the company's stock worth $742,000 after buying an additional 12,314 shares during the last quarter. XTX Topco Ltd bought a new position in Hut 8 in the 3rd quarter valued at $162,000. Finally, State Street Corp grew its position in 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. 31.75% of the stock is 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.