Hut 8 (NASDAQ:HUT) Trading Down 5.4% – What’s Next?

Hut 8 Corp. (NASDAQ:HUT)’s share price dropped 5.4% on Thursday . The stock traded as low as $42.80 and last traded at $43.5670. Approximately 1,497,116 shares traded hands during trading, a decline of 76% from the average daily volume of 6,115,224 shares. The stock had previously closed at $46.04.

Analyst Ratings Changes

Several research firms recently issued reports on HUT. Weiss Ratings reissued a “hold (c-)” rating on shares of Hut 8 in a research report on Monday. Citigroup reissued an “outperform” rating on shares of Hut 8 in a report on Tuesday, October 21st. Wall Street Zen upgraded Hut 8 from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. B. Riley reiterated a “buy” rating on shares of Hut 8 in a research report on Wednesday, October 22nd. Finally, Northland Securities set a $58.00 price objective on Hut 8 in a research note on Wednesday, November 5th. Two investment 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 company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $48.80.

Hut 8 Trading Down 11.6%

The firm’s 50 day simple moving average is $44.13 and its two-hundred day simple moving average is $30.74. The stock has a market capitalization of $4.46 billion, a P/E ratio of -105.92 and a beta of 4.41. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.14.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Nisa Investment Advisors LLC raised its position in shares of Hut 8 by 116.4% in the second quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company’s stock worth $28,000 after buying an additional 815 shares in the last quarter. Advisors Asset Management Inc. raised its holdings in shares of Hut 8 by 68.4% in the 2nd quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company’s stock valued at $30,000 after acquiring an additional 655 shares in the last quarter. NewEdge Advisors LLC boosted its position in shares of Hut 8 by 67.2% during the 3rd quarter. NewEdge Advisors LLC now owns 2,257 shares of the company’s stock valued at $79,000 after acquiring an additional 907 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Hut 8 by 235.8% during the second quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock worth $46,000 after purchasing an additional 1,719 shares in the last quarter. Finally, State of Wyoming bought a new position in shares of Hut 8 in the first quarter worth approximately $32,000. Hedge funds and other institutional investors 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.