Hut 8 (NASDAQ:HUT) Stock Price Down 5.7%

Hut 8 Corp. (NASDAQ:HUT)’s share price dropped 5.7% during trading on Wednesday . The company traded as low as $8.98 and last traded at $9.08. Approximately 2,756,758 shares traded hands during trading, a decline of 46% from the average daily volume of 5,148,355 shares. The stock had previously closed at $9.63.

Analyst Ratings Changes

Several analysts have recently commented on HUT shares. Needham & Company LLC reissued a “buy” rating and issued a $12.00 price target on shares of Hut 8 in a report on Monday, April 1st. Benchmark started coverage on shares of Hut 8 in a research report on Monday. They set a “buy” rating and a $12.00 price target for the company. Craig Hallum boosted their price objective on Hut 8 from $10.00 to $12.00 and gave the stock a “hold” rating in a research report on Monday, April 1st. HC Wainwright lifted their price target on Hut 8 from $7.00 to $9.00 and gave the company a “sell” rating in a research report on Thursday, March 28th. Finally, Stifel Nicolaus lifted their price target on Hut 8 from $3.25 to $15.00 and gave the company a “speculative buy” rating in a research report on Monday, January 8th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.33.

Hut 8 Stock Performance

The firm’s 50 day simple moving average is $8.73 and its 200-day simple moving average is $7.38. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.61 and a current ratio of 4.61. The company has a market capitalization of $801.38 million, a price-to-earnings ratio of -3.27 and a beta of 3.91.

Hedge Funds Weigh In On Hut 8

Hedge funds have recently modified their holdings of the stock. Golden Green Inc. bought a new stake in Hut 8 during the third quarter valued at about $29,000. Private Advisor Group LLC increased its holdings in shares of Hut 8 by 54.7% in the third quarter. Private Advisor Group LLC now owns 18,095 shares of the company’s stock valued at $35,000 after purchasing an additional 6,400 shares in the last quarter. QCM Cayman Ltd. acquired a new stake in shares of Hut 8 in the third quarter valued at approximately $60,000. Global Retirement Partners LLC increased its holdings in shares of Hut 8 by 280.1% in the first quarter. Global Retirement Partners LLC now owns 5,428 shares of the company’s stock valued at $60,000 after purchasing an additional 4,000 shares in the last quarter. Finally, Headlands Technologies LLC bought a new position in Hut 8 in the third quarter valued at approximately $73,000. 31.75% of the stock is owned by institutional investors and hedge funds.

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.