Hut 8 (NASDAQ:HUT) Stock Price Down 6.9% – Here’s What Happened

Hut 8 Corp. (NASDAQ:HUT)’s stock price dropped 6.9% on Tuesday . The company traded as low as $55.80 and last traded at $55.5240. Approximately 1,167,237 shares were traded during trading, a decline of 76% from the average daily volume of 4,933,033 shares. The stock had previously closed at $59.65.

Wall Street Analyst Weigh In

HUT has been the topic of a number of research analyst reports. JMP Securities boosted their price objective on shares of Hut 8 from $25.00 to $65.00 and gave the stock a “market outperform” rating in a report on Tuesday, October 21st. Craig Hallum reissued a “buy” rating and set a $80.00 price target on shares of Hut 8 in a research note on Thursday, December 18th. Cantor Fitzgerald raised their price objective on Hut 8 from $24.00 to $64.00 and gave the company an “overweight” rating in a research note on Tuesday, November 4th. Citigroup reaffirmed an “outperform” rating on shares of Hut 8 in a report on Tuesday, October 21st. Finally, Northland Securities set a $58.00 target price on Hut 8 in a report on Wednesday, November 5th. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $56.76.

Hut 8 Price Performance

The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.72 and a current ratio of 0.72. The company has a 50-day moving average of $47.41 and a 200-day moving average of $37.69. The stock has a market capitalization of $5.96 billion, a price-to-earnings ratio of -141.33 and a beta of 4.41.

Hut 8 (NASDAQ:HUT) last announced its earnings results on Tuesday, November 4th. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.09. The firm had revenue of $80.72 million for the quarter, compared to analysts’ expectations of $64.70 million. Hut 8 had a return on equity of 8.06% and a net margin of 115.39%. As a group, equities research analysts expect that Hut 8 Corp. will post -0.53 earnings per share for the current fiscal year.

Institutional Trading of Hut 8

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HUT. Nisa Investment Advisors LLC lifted its holdings in Hut 8 by 1.6% in the 4th quarter. Nisa Investment Advisors LLC now owns 15,969 shares of the company’s stock valued at $734,000 after purchasing an additional 254 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of Hut 8 during the fourth quarter worth about $385,000. Permanent Capital Management LP acquired a new position in shares of Hut 8 in the fourth quarter valued at approximately $551,000. Harbour Capital Advisors LLC purchased a new position in shares of Hut 8 during the fourth quarter valued at approximately $828,000. Finally, GAMMA Investing LLC purchased a new position in shares of Hut 8 during the fourth quarter valued at approximately $30,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

About Hut 8

Hut 8 Corp., trading on the Nasdaq under the symbol HUT, is a North American digital infrastructure company specializing in cryptocurrency mining and high‐performance computing. Founded in 2017 and headquartered in Toronto, Canada, Hut 8 operates purpose‐built data centers that house fleets of specialized ASIC and GPU servers. Through its flagship mining facilities in Alberta and Ontario, the company leverages low‐cost, low‐carbon power sources—such as hydroelectric and natural gas—to support sustainable bitcoin production.