Hut 8 (NASDAQ:HUT) Trading Down 2.8% – Time to Sell?

Hut 8 Corp. (NASDAQ:HUT) dropped 2.8% on Thursday . The company traded as low as $23.30 and last traded at $23.59. Approximately 459,660 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 5,409,310 shares. The stock had previously closed at $24.28.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Cantor Fitzgerald assumed coverage on shares of Hut 8 in a research report on Monday, December 9th. They set an “overweight” rating and a $35.00 price target for the company. Canaccord Genuity Group raised their price target on shares of Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. HC Wainwright raised their price target on shares of Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Piper Sandler started coverage on Hut 8 in a research report on Tuesday, December 17th. They set an “overweight” rating and a $33.00 price objective for the company. Finally, Craig Hallum increased their price objective on shares of Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $31.88.

Hut 8 Stock Up 1.1 %

The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a 50-day moving average of $22.61 and a two-hundred day moving average of $16.34.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp acquired a new stake in shares of Hut 8 in the 2nd quarter valued at about $4,390,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Hut 8 by 27.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,223 shares of the company’s stock valued at $213,000 after buying an additional 3,105 shares in the last quarter. Rhumbline Advisers raised its holdings in shares of Hut 8 by 684,077.8% during the 2nd quarter. Rhumbline Advisers now owns 123,152 shares of the company’s stock worth $1,846,000 after buying an additional 123,134 shares in the last quarter. Foundations Investment Advisors LLC lifted its holdings in shares of Hut 8 by 2.0% in the second quarter. Foundations Investment Advisors LLC now owns 48,728 shares of the company’s stock worth $730,000 after acquiring an additional 949 shares during the last quarter. Finally, Victory Capital Management Inc. acquired a new position in shares of Hut 8 in the second quarter valued at approximately $154,000. 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.