Hut 8 (NASDAQ:HUT) Trading Down 4.9% – Should You Sell?

Hut 8 Corp. (NASDAQ:HUT) shares fell 4.9% during mid-day trading on Tuesday . The company traded as low as $23.67 and last traded at $23.81. 2,286,574 shares were traded during trading, a decline of 55% from the average session volume of 5,106,558 shares. The stock had previously closed at $25.04.

Wall Street Analysts Forecast Growth

Several brokerages have commented on HUT. Benchmark upped their price objective on Hut 8 from $17.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Needham & Company LLC lifted their price objective on shares of Hut 8 from $21.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. HC Wainwright boosted their price objective on shares of Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Craig Hallum increased their price objective on Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, Stifel Nicolaus raised their price objective on Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a report on Wednesday, October 30th. Six research 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 $30.17.

Hut 8 Stock Down 3.4 %

The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. The firm has a fifty day moving average price of $15.07 and a 200 day moving average price of $13.24.

Institutional Investors Weigh In On Hut 8

A number of large investors have recently modified their holdings of the business. Amalgamated Bank acquired a new position in shares of Hut 8 in the 2nd quarter valued at $42,000. Capital Performance Advisors LLP purchased a new position in shares of Hut 8 in the third quarter worth about $40,000. Victory Capital Management Inc. acquired a new stake in shares of Hut 8 during the second quarter worth about $154,000. Intech Investment Management LLC purchased a new position in Hut 8 during the 3rd quarter worth approximately $133,000. Finally, XTX Topco Ltd acquired a new stake in shares of Hut 8 in the third quarter worth $162,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

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.