Hut 8 (NASDAQ:HUT) Shares Down 5.6% - What's Next?

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

Wall Street Analysts Forecast Growth

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

Hut 8 Stock Down 3.0 %

The company's 50 day simple moving average is $25.17 and its 200-day simple moving average is $17.71. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00.

Hedge Funds Weigh In On Hut 8

Large investors have recently bought and sold shares of the business. Nisa Investment Advisors LLC increased its position in shares of Hut 8 by 77.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company's stock worth $26,000 after acquiring an additional 545 shares during the period. Amalgamated Bank bought a new position in Hut 8 in the second quarter worth approximately $42,000. Capital Performance Advisors LLP purchased a new position in Hut 8 during the 3rd quarter worth $40,000. Victory Capital Management Inc. purchased a new stake in shares of Hut 8 in the 2nd quarter worth $154,000. Finally, Intech Investment Management LLC bought a new position in shares of Hut 8 during the 3rd quarter worth $133,000. Hedge funds and other 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.