Hut 8 (NASDAQ:HUT) Stock Price Down 5.5% – Time to Sell?

Hut 8 Corp. (NASDAQ:HUT) shares traded down 5.5% during mid-day trading on Wednesday . The company traded as low as $27.95 and last traded at $28.00. 1,311,985 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 5,382,044 shares. The stock had previously closed at $29.62.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on HUT. Stifel Nicolaus boosted their target price on shares of Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a report on Wednesday, October 30th. Needham & Company LLC upped their price objective on shares of Hut 8 from $32.00 to $38.00 and gave the stock a “buy” rating in a report on Tuesday. Cantor Fitzgerald initiated coverage on shares of Hut 8 in a report on Monday, December 9th. They set an “overweight” rating and a $35.00 target price for the company. Craig Hallum upped their price target on Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, HC Wainwright lifted their price objective on Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $31.88.

Hut 8 Stock Performance

The firm has a 50-day moving average of $21.14 and a 200 day moving average of $15.78. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35.

Institutional Investors Weigh In On Hut 8

A number of hedge funds have recently added to or reduced their stakes in the stock. Barclays PLC increased its position in Hut 8 by 29.7% during the third quarter. Barclays PLC now owns 124,527 shares of the company’s stock valued at $1,526,000 after acquiring an additional 28,532 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Hut 8 by 21.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock worth $26,902,000 after purchasing an additional 381,720 shares during the period. Y Intercept Hong Kong Ltd boosted its holdings in shares of Hut 8 by 25.6% in the third quarter. Y Intercept Hong Kong Ltd now owns 60,492 shares of the company’s stock worth $742,000 after buying an additional 12,314 shares during the last quarter. XTX Topco Ltd bought a new stake in Hut 8 during the third quarter valued at approximately $162,000. Finally, State Street Corp grew its position in Hut 8 by 12.6% during the third quarter. State Street Corp now owns 2,740,769 shares of the company’s stock valued at $33,602,000 after buying an additional 307,292 shares during the period. 31.75% of the stock is currently 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.