Hut 8 (NASDAQ:HUT) Stock Price Down 15.3% – Here’s What Happened

Shares of Hut 8 Corp. (NASDAQ:HUT) dropped 15.3% during trading on Monday . The stock traded as low as $22.23 and last traded at $22.05. Approximately 3,045,392 shares changed hands during trading, a decline of 45% from the average daily volume of 5,495,660 shares. The stock had previously closed at $26.04.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Benchmark reaffirmed a “buy” rating and set a $41.00 price target on shares of Hut 8 in a research report on Tuesday, January 7th. Needham & Company LLC reissued a “buy” rating and set a $38.00 price target on shares of Hut 8 in a research report on Monday, January 13th. Stifel Nicolaus increased their price objective on shares of Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research report on Wednesday, October 30th. HC Wainwright boosted their target price 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. Finally, Keefe, Bruyette & Woods began coverage on shares of Hut 8 in a research report on Wednesday, January 8th. They issued an “outperform” rating for the company. Nine research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $33.00.

Hut 8 Stock Performance

The company has a 50 day simple moving average of $25.30 and a two-hundred day simple moving average of $17.98. 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 Investors Weigh In On Hut 8

Institutional investors have recently bought and sold shares of the business. Nisa Investment Advisors LLC lifted its position in shares of Hut 8 by 77.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock worth $26,000 after purchasing an additional 545 shares in the last quarter. Foundations Investment Advisors LLC raised its position in Hut 8 by 1.9% in the 4th quarter. Foundations Investment Advisors LLC now owns 50,687 shares of the company’s stock worth $1,039,000 after purchasing an additional 932 shares during the last quarter. R Squared Ltd acquired a new position in Hut 8 during the 4th quarter worth $26,000. AM Investment Strategies LLC boosted its position in Hut 8 by 3.6% in the 3rd quarter. AM Investment Strategies LLC now owns 44,000 shares of the company’s stock valued at $539,000 after buying an additional 1,521 shares during the last quarter. Finally, Amalgamated Bank acquired a new stake in shares of Hut 8 in the 2nd quarter valued at $42,000. Institutional investors and hedge funds 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.