Hut 8 (NASDAQ:HUT) Stock Price Down 8.6% – Should You Sell?

Hut 8 Corp. (NASDAQ:HUT)’s share price was down 8.6% during mid-day trading on Monday . The company traded as low as $16.08 and last traded at $16.38. Approximately 1,144,272 shares were traded during trading, a decline of 76% from the average daily volume of 4,742,615 shares. The stock had previously closed at $17.93.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on HUT shares. Craig Hallum increased their target price on shares of Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Benchmark reiterated a “buy” rating and issued a $41.00 price objective on shares of Hut 8 in a report on Tuesday, January 7th. Canaccord Genuity Group boosted their target price on Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Stifel Nicolaus increased their price target on Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a report on Wednesday, October 30th. Finally, Piper Sandler assumed coverage on Hut 8 in a research note on Tuesday, December 17th. They set an “overweight” rating and a $33.00 price objective on the stock. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $33.00.

Hut 8 Stock Up 0.5 %

The firm has a 50-day moving average of $22.34 and a two-hundred day moving average of $18.63. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00.

Institutional Trading of Hut 8

Several institutional investors and hedge funds have recently bought and sold shares of the stock. 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 valued at $26,000 after acquiring an additional 545 shares during the last quarter. Summit Investment Advisors Inc. boosted its position in shares of Hut 8 by 7.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 8,475 shares of the company’s stock worth $174,000 after purchasing an additional 618 shares during the period. Arizona State Retirement System boosted its position in shares of Hut 8 by 2.8% during the 4th quarter. Arizona State Retirement System now owns 23,764 shares of the company’s stock worth $487,000 after purchasing an additional 637 shares during the period. Foundations Investment Advisors LLC increased its holdings in Hut 8 by 1.9% in the 4th quarter. Foundations Investment Advisors LLC now owns 50,687 shares of the company’s stock valued at $1,039,000 after purchasing an additional 932 shares during the last quarter. Finally, R Squared Ltd purchased a new stake in Hut 8 in the fourth quarter valued at approximately $26,000. 31.75% of the stock is currently owned by hedge funds and other 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.