Hut 8 (NASDAQ:HUT) Shares Down 7% – What’s Next?

Hut 8 Corp. (NASDAQ:HUT)’s stock price dropped 7% during mid-day trading on Monday . The stock traded as low as $24.01 and last traded at $24.11. Approximately 323,766 shares were traded during trading, a decline of 94% from the average daily volume of 5,161,239 shares. The stock had previously closed at $25.92.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on HUT. Craig Hallum upped their price target on Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Canaccord Genuity Group increased their target price 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 upped their price objective 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. Benchmark lifted their target price on shares of Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, Needham & Company LLC upped their target price on Hut 8 from $21.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $30.17.

Hut 8 Stock Performance

The stock’s 50 day simple moving average is $16.44 and its two-hundred day simple moving average is $13.82. 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

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Hut 8 by 8,329.2% in the 1st quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock worth $30,770,000 after acquiring an additional 2,754,037 shares during the last quarter. Westend Capital Management LLC raised its position in shares of Hut 8 by 1.7% in the second quarter. Westend Capital Management LLC now owns 477,961 shares of the company’s stock valued at $7,289,000 after purchasing an additional 7,827 shares during the period. Bank of New York Mellon Corp purchased a new stake in shares of Hut 8 during the 2nd quarter valued at approximately $4,390,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Hut 8 by 27.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,223 shares of the company’s stock worth $213,000 after buying an additional 3,105 shares during the period. Finally, Rhumbline Advisers grew its stake in Hut 8 by 684,077.8% in the 2nd quarter. Rhumbline Advisers now owns 123,152 shares of the company’s stock valued at $1,846,000 after buying an additional 123,134 shares in the last quarter. 31.75% of the stock is currently owned by 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.