Hut 8 (NASDAQ:HUT) Stock Price Down 5.7%

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

Analyst Ratings Changes

Several research analysts have recently issued reports on HUT shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $12.00 target price on shares of Hut 8 in a research note on Monday, April 1st. Canaccord Genuity Group reduced 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 note on Friday, April 5th. HC Wainwright raised their target price on shares of Hut 8 from $7.00 to $9.00 and gave the company a “sell” rating in a research note on Thursday, March 28th. Stifel Nicolaus raised their target price on shares of Hut 8 from $3.25 to $15.00 and gave the company a “speculative buy” rating in a research note on Monday, January 8th. Finally, Benchmark began coverage on shares of Hut 8 in a research note on Monday. They issued a “buy” rating and a $12.00 target price on the stock. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $12.33.

Hut 8 Stock Down 6.7 %

The company has a debt-to-equity ratio of 0.04, a current ratio of 4.61 and a quick ratio of 4.61. The company has a market cap of $801.38 million, a PE ratio of -3.27 and a beta of 3.91. The company has a fifty day moving average price of $8.73 and a 200 day moving average price of $7.38.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Van ECK Associates Corp boosted its stake in Hut 8 by 15.7% in the third quarter. Van ECK Associates Corp now owns 2,198,471 shares of the company’s stock worth $4,287,000 after buying an additional 297,552 shares in the last quarter. Qube Research & Technologies Ltd bought a new position in shares of Hut 8 during the third quarter valued at approximately $3,429,000. Wellington Management Group LLP raised its holdings in shares of Hut 8 by 203.4% during the third quarter. Wellington Management Group LLP now owns 1,125,958 shares of the company’s stock valued at $2,224,000 after acquiring an additional 754,891 shares in the last quarter. Westend Capital Management LLC bought a new position in shares of Hut 8 during the first quarter valued at approximately $5,190,000. Finally, TD Asset Management Inc lifted its position in Hut 8 by 2.7% during the third quarter. TD Asset Management Inc now owns 203,130 shares of the company’s stock valued at $401,000 after buying an additional 5,373 shares during the period. Hedge funds and other 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.