Hut 8 (NASDAQ:HUT) Stock Price Down 8.7% – Here’s What Happened

Hut 8 Corp. (NASDAQ:HUT) shares traded down 8.7% during trading on Thursday . The stock traded as low as $13.69 and last traded at $13.62. 1,965,201 shares traded hands during trading, a decline of 62% from the average session volume of 5,126,664 shares. The stock had previously closed at $14.92.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. HC Wainwright lowered their price objective on shares of Hut 8 from $35.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday. Craig Hallum boosted their price objective 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. Keefe, Bruyette & Woods assumed coverage on shares of Hut 8 in a research report on Wednesday, January 8th. They set an “outperform” rating for the company. Piper Sandler assumed 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. Finally, Benchmark restated a “buy” rating and set a $41.00 price objective on shares of Hut 8 in a research report on Tuesday, January 7th. Ten analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $29.89.

Hut 8 Price Performance

The firm’s fifty day moving average price is $20.82 and its 200-day moving average price is $18.69. 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 Inflows and Outflows

Several institutional investors have recently modified their holdings of HUT. Neo Ivy Capital Management bought a new stake in shares of Hut 8 in the fourth quarter worth $252,000. Two Seas Capital LP grew its stake in shares of Hut 8 by 132.7% in the fourth quarter. Two Seas Capital LP now owns 476,808 shares of the company’s stock worth $9,770,000 after purchasing an additional 271,892 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Hut 8 by 25.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 167,469 shares of the company’s stock worth $3,431,000 after purchasing an additional 33,713 shares during the last quarter. Voloridge Investment Management LLC bought a new stake in shares of Hut 8 in the fourth quarter worth $24,170,000. Finally, Vennlight Capital Management LP bought a new stake in shares of Hut 8 in the fourth quarter worth $2,414,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

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.