Hut 8 (NASDAQ:HUT) Trading Down 2.8% – Here’s What Happened

Hut 8 Corp. (NASDAQ:HUT)’s stock price was down 2.8% during trading on Thursday . The company traded as low as $23.30 and last traded at $23.59. Approximately 459,660 shares changed hands during 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

Several equities research analysts have weighed in on the company. Needham & Company LLC upped their target price on Hut 8 from $32.00 to $38.00 and gave the stock a “buy” rating in a report on Tuesday, December 17th. Piper Sandler began coverage on shares of Hut 8 in a research report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price objective on the stock. Stifel Nicolaus upped their target price on Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research report on Wednesday, October 30th. Cantor Fitzgerald began coverage on shares of Hut 8 in a research report on Monday, December 9th. They set an “overweight” rating and a $35.00 target price on the stock. Finally, Canaccord Genuity Group raised their price target on shares of Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, Hut 8 currently has an average rating of “Buy” and an average price target of $31.88.

Hut 8 Price Performance

The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a fifty day simple moving average of $22.99 and a 200-day simple moving average of $16.48.

Hedge Funds Weigh In On Hut 8

Several institutional investors have recently made changes to their positions in the company. Foundations Investment Advisors LLC increased its stake in shares of Hut 8 by 2.0% in the 2nd quarter. Foundations Investment Advisors LLC now owns 48,728 shares of the company’s stock valued at $730,000 after purchasing an additional 949 shares in the last quarter. AM Investment Strategies LLC grew its holdings in Hut 8 by 3.6% in the third quarter. AM Investment Strategies LLC now owns 44,000 shares of the company’s stock valued at $539,000 after purchasing an additional 1,521 shares during the period. Amalgamated Bank purchased a new stake in shares of Hut 8 in the second quarter valued at approximately $42,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Hut 8 by 27.9% during 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, Capital Performance Advisors LLP purchased a new position in shares of Hut 8 during the 3rd quarter valued at approximately $40,000. 31.75% of the stock is 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.