Hut 8 (NASDAQ:HUT) Trading Down 8.6% – Time to Sell?

Hut 8 Corp. (NASDAQ:HUT) shares dropped 8.6% during mid-day trading on Monday . The stock traded as low as $16.08 and last traded at $16.38. Approximately 1,144,272 shares changed hands during trading, a decline of 76% from the average daily volume of 4,742,615 shares. The stock had previously closed at $17.93.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on HUT. Needham & Company LLC reaffirmed a “buy” rating and issued a $38.00 target price on shares of Hut 8 in a research report on Monday, January 13th. Keefe, Bruyette & Woods began coverage on shares of Hut 8 in a research note on Wednesday, January 8th. They issued an “outperform” rating for the company. Stifel Nicolaus upped their target price on shares of Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a research note on Wednesday, October 30th. Cantor Fitzgerald reissued an “overweight” rating and issued a $35.00 price target on shares of Hut 8 in a research report on Tuesday, January 7th. Finally, Benchmark restated a “buy” rating and issued a $41.00 price target on shares of Hut 8 in a research note on Tuesday, January 7th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Hut 8 has an average rating of “Buy” and a consensus price target of $33.00.

Hut 8 Stock Up 0.5 %

The firm’s fifty day simple moving average is $22.34 and its 200 day simple moving average is $18.63. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35.

Hedge Funds Weigh In On Hut 8

A number of institutional investors and hedge funds have recently modified their holdings of HUT. Neo Ivy Capital Management purchased a new stake in Hut 8 during the 4th quarter worth about $252,000. Two Seas Capital LP raised its position in shares of Hut 8 by 132.7% during the 4th quarter. Two Seas Capital LP now owns 476,808 shares of the company’s stock worth $9,770,000 after acquiring an additional 271,892 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Hut 8 by 25.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 167,469 shares of the company’s stock worth $3,431,000 after purchasing an additional 33,713 shares during the last quarter. Voloridge Investment Management LLC acquired a new position in Hut 8 in the fourth quarter valued at approximately $24,170,000. Finally, Vennlight Capital Management LP acquired a new position in Hut 8 in the fourth quarter valued at approximately $2,414,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

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.