Hut 8 (NASDAQ:HUT) Stock Price Down 4.5% - Here's What Happened

Shares of Hut 8 Corp. (NASDAQ:HUT - Get Free Report) traded down 4.5% on Tuesday . The stock traded as low as $17.70 and last traded at $17.63. 350,988 shares traded hands during mid-day trading, a decline of 94% from the average session volume of 5,876,351 shares. The stock had previously closed at $18.46.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Canaccord Genuity Group restated a "buy" rating and issued a $32.00 price objective on shares of Hut 8 in a report on Monday, May 12th. Roth Capital started coverage on shares of Hut 8 in a report on Friday, June 6th. They issued a "buy" rating and a $25.00 price target for the company. Northland Capmk raised shares of Hut 8 to a "strong-buy" rating in a research report on Monday, April 21st. Needham & Company LLC reissued a "buy" rating and set a $21.00 price objective on shares of Hut 8 in a report on Friday, May 9th. Finally, HC Wainwright reissued a "buy" rating and issued a $25.00 price objective on shares of Hut 8 in a research note on Friday, May 9th. Fifteen equities research analysts have rated the stock with a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $25.76.

Hut 8 Price Performance

The company's fifty day moving average is $14.73 and its 200-day moving average is $18.04. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35.

Hut 8 (NASDAQ:HUT - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.06). The firm had revenue of $20.88 million during the quarter, compared to analyst estimates of $33.68 million. As a group, equities analysts anticipate that Hut 8 Corp. will post -0.53 earnings per share for the current fiscal year.

Insider Buying and Selling at Hut 8

In other news, insider Victor Semah sold 11,363 shares of the firm's stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $12.95, for a total value of $147,150.85. Following the transaction, the insider now directly owns 15,738 shares of the company's stock, valued at approximately $203,807.10. This trade represents a 41.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 11.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Hut 8

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Yaupon Capital Management LP acquired a new stake in shares of Hut 8 during the first quarter valued at about $3,196,000. Arete Wealth Advisors LLC increased its holdings in Hut 8 by 241.5% in the 1st quarter. Arete Wealth Advisors LLC now owns 67,432 shares of the company's stock valued at $784,000 after purchasing an additional 47,689 shares during the last quarter. Clearline Capital LP purchased a new stake in Hut 8 in the first quarter valued at approximately $386,000. Millennium Management LLC boosted its position in shares of Hut 8 by 11.9% during the first quarter. Millennium Management LLC now owns 330,416 shares of the company's stock worth $3,839,000 after buying an additional 35,120 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Hut 8 by 74.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,104,612 shares of the company's stock worth $12,835,000 after buying an additional 471,355 shares during the period. 31.75% of the stock is currently owned by institutional investors and hedge funds.

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.

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