Hut 8 (NASDAQ:HUT) Stock Price Down 4% - Here's What Happened

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) fell 4% during trading on Tuesday . The stock traded as low as $11.59 and last traded at $11.62. 988,999 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 5,289,841 shares. The stock had previously closed at $12.10.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on HUT shares. Keefe, Bruyette & Woods began coverage on shares of Hut 8 in a report on Wednesday, January 8th. They set an "outperform" rating for the company. Needham & Company LLC reaffirmed a "buy" rating and set a $30.00 price objective on shares of Hut 8 in a research note on Tuesday, March 4th. Benchmark cut their target price on Hut 8 from $41.00 to $33.00 and set a "buy" rating on the stock in a research note on Wednesday, April 2nd. HC Wainwright lowered their price target on Hut 8 from $35.00 to $30.00 and set a "buy" rating for the company in a research report on Tuesday, March 4th. Finally, BTIG Research initiated coverage on Hut 8 in a research report on Monday, April 14th. They issued a "buy" rating and a $18.00 price objective on the stock. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Hut 8 presently has a consensus rating of "Buy" and an average price target of $28.36.

Hut 8 Stock Performance

The company has a 50-day moving average of $13.88 and a two-hundred day moving average of $18.92. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00.

Institutional Trading of Hut 8

Hedge funds and other institutional investors have recently modified their holdings of the business. R Squared Ltd purchased a new stake in Hut 8 in the fourth quarter worth about $26,000. Nisa Investment Advisors LLC grew its stake in shares of Hut 8 by 77.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company's stock worth $26,000 after buying an additional 545 shares during the last quarter. Optiver Holding B.V. bought a new position in Hut 8 during the 4th quarter valued at approximately $35,000. Russell Investments Group Ltd. raised its stake in Hut 8 by 832.4% during the fourth quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company's stock valued at $42,000 after buying an additional 1,823 shares during the last quarter. Finally, Principal Securities Inc. purchased a new stake in shares of Hut 8 in the fourth quarter worth $45,000. 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.