Hut 8 (NASDAQ:HUT) Trading Down 5.4%

Shares of Hut 8 Corp. (NASDAQ:HUT) traded down 5.4% during trading on Tuesday . The stock traded as low as $8.35 and last traded at $8.37. 1,109,349 shares were traded during trading, a decline of 77% from the average session volume of 4,834,327 shares. The stock had previously closed at $8.85.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. 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. Stifel Nicolaus raised their price objective on Hut 8 from $3.25 to $15.00 and gave the company a “speculative buy” rating in a research note on Monday, January 8th. Craig Hallum boosted their target price on Hut 8 from $10.00 to $12.00 and gave the company a “hold” rating in a research report on Monday, April 1st. HC Wainwright raised their price target on Hut 8 from $7.00 to $9.00 and gave the stock a “sell” rating in a research report on Thursday, March 28th. Finally, Benchmark reiterated a “buy” rating and set a $12.00 price objective on shares of Hut 8 in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $12.33.

Hut 8 Stock Down 7.5 %

The company has a current ratio of 4.61, a quick ratio of 4.61 and a debt-to-equity ratio of 0.04. The company has a 50-day simple moving average of $8.57 and a 200 day simple moving average of $7.80. The company has a market cap of $732.87 million, a P/E ratio of -2.99 and a beta of 3.98.

Institutional Investors Weigh In On Hut 8

Several large investors have recently added to or reduced their stakes in the stock. Golden Green Inc. bought a new position in shares of Hut 8 during the 3rd quarter worth $29,000. Private Advisor Group LLC increased its position in Hut 8 by 54.7% during the 3rd 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 during the period. QCM Cayman Ltd. purchased a new stake in shares of Hut 8 in the 3rd quarter worth approximately $60,000. Global Retirement Partners LLC increased its holdings in Hut 8 by 280.1% during the first quarter. Global Retirement Partners LLC now owns 5,428 shares of the company’s stock valued at $60,000 after buying an additional 4,000 shares during the period. Finally, Headlands Technologies LLC bought a new position in Hut 8 in the third quarter worth approximately $73,000. 31.75% of the stock is owned by hedge funds and other institutional investors.

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.