Hut 8 (NASDAQ:HUT) Shares Down 2.8% – What’s Next?

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

Wall Street Analyst Weigh In

A number of brokerages have weighed in on HUT. HC Wainwright raised their target price on Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Needham & Company LLC lifted their price target on shares of Hut 8 from $32.00 to $38.00 and gave the stock a “buy” rating in a report on Tuesday, December 17th. Canaccord Genuity Group increased their price target on Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Piper Sandler began coverage on shares of Hut 8 in a research note on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price target for the company. Finally, Cantor Fitzgerald assumed coverage on Hut 8 in a report on Monday, December 9th. They set an “overweight” rating and a $35.00 price objective for the company. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $31.88.

Hut 8 Trading Up 1.1 %

The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. The stock has a 50 day moving average price of $22.61 and a 200-day moving average price of $16.34.

Institutional Trading of Hut 8

A number of hedge funds have recently added to or reduced their stakes in the business. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Hut 8 during the 3rd quarter worth approximately $9,997,000. Paloma Partners Management Co acquired a new position in shares of Hut 8 in the 3rd quarter valued at $834,000. State Street Corp raised its holdings in Hut 8 by 12.6% in the 3rd 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. MetLife Investment Management LLC lifted its holdings in shares of Hut 8 by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 46,719 shares of the company’s stock worth $573,000 after acquiring an additional 26,324 shares during the last quarter. Finally, D1 Capital Partners L.P. acquired a new stake in Hut 8 in the second quarter valued at approximately $17,388,000. 31.75% of the stock is owned by hedge funds and other institutional investors.

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.