Hut 8 (NASDAQ:HUT) Shares Down 5.7%

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

Analysts Set New Price Targets

A number of research analysts have issued reports on HUT shares. Craig Hallum increased their target price on shares of Hut 8 from $10.00 to $12.00 and gave the stock a “hold” rating in a research 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 target price on the stock. Stifel Nicolaus increased their target price on shares of Hut 8 from $3.25 to $15.00 and gave the stock a “speculative buy” rating in a research report on Monday, January 8th. Canaccord Genuity Group decreased their target price on shares of Hut 8 from $17.50 to $14.00 and set a “buy” rating on the stock in a research report on Friday, April 5th. Finally, Needham & Company LLC restated a “buy” rating and set a $12.00 target price on shares of Hut 8 in a research report on Monday, April 1st. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $12.33.

Hut 8 Stock Performance

The company’s 50 day moving average is $8.65 and its 200 day moving average is $7.45. The firm has a market cap of $786.20 million, a P/E ratio of -3.20 and a beta of 3.91. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.61 and a current ratio of 4.61.

Hedge Funds Weigh In On Hut 8

Several large investors have recently modified their holdings of HUT. Vontobel Holding Ltd. raised its stake in Hut 8 by 274.6% during the third quarter. Vontobel Holding Ltd. now owns 50,476 shares of the company’s stock worth $99,000 after buying an additional 37,000 shares during the last quarter. Mackenzie Financial Corp raised its holdings in Hut 8 by 7.3% during the 3rd quarter. Mackenzie Financial Corp now owns 91,752 shares of the company’s stock valued at $168,000 after acquiring an additional 6,225 shares during the period. TD Asset Management Inc raised its holdings in Hut 8 by 2.7% during the 3rd quarter. TD Asset Management Inc now owns 203,130 shares of the company’s stock valued at $401,000 after acquiring an additional 5,373 shares during the period. GSG Advisors LLC bought a new stake in Hut 8 during the 3rd quarter valued at $273,000. Finally, QCM Cayman Ltd. bought a new position in shares of Hut 8 in the third quarter worth $60,000. 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.