Hut 8 (NASDAQ:HUT) Shares Down 15.3% - Here's What Happened

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) fell 15.3% during trading on Monday . The company traded as low as $22.23 and last traded at $22.05. 3,045,392 shares were traded during trading, a decline of 45% from the average session volume of 5,495,660 shares. The stock had previously closed at $26.04.

Analyst Ratings Changes

Several equities analysts recently commented on HUT shares. Piper Sandler started coverage on shares of Hut 8 in a report on Tuesday, December 17th. They set an "overweight" rating and a $33.00 target price on the stock. Benchmark reaffirmed a "buy" rating and set a $41.00 price objective on shares of Hut 8 in a research note on Tuesday, January 7th. Craig Hallum raised their price target on Hut 8 from $15.00 to $32.00 and gave the stock a "buy" rating in a research report on Thursday, November 14th. Canaccord Genuity Group raised their price target on Hut 8 from $22.00 to $32.00 and gave the stock a "buy" rating in a research report on Thursday, November 14th. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $35.00 target price on shares of Hut 8 in a report on Tuesday, January 7th. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $33.00.

Hut 8 Stock Performance

The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. The company has a 50-day moving average of $25.30 and a two-hundred day moving average of $17.98.

Institutional Trading of Hut 8

A number of hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP bought a new stake in Hut 8 in the second quarter worth $200,000. Amalgamated Bank bought a new position in shares of Hut 8 in the second quarter worth approximately $42,000. Millennium Management LLC lifted its stake in shares of Hut 8 by 46.4% in the second quarter. Millennium Management LLC now owns 649,518 shares of the company's stock worth $9,733,000 after buying an additional 205,836 shares in the last quarter. The Manufacturers Life Insurance Company bought a new position in Hut 8 in the 2nd quarter valued at approximately $460,000. Finally, Clearline Capital LP bought a new position in Hut 8 in the 2nd quarter valued at approximately $280,000. 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.