Hut 8 (NASDAQ:HUT) Stock Price Down 5.4% - Time to Sell?

Shares of Hut 8 Corp. (NASDAQ:HUT - Get Free Report) traded down 5.4% during trading on Monday . The stock traded as low as $15.63 and last traded at $15.80. 2,023,545 shares changed hands during trading, a decline of 65% from the average session volume of 5,850,610 shares. The stock had previously closed at $16.70.

Wall Street Analysts Forecast Growth

HUT has been the topic of several research reports. Rosenblatt Securities began coverage on Hut 8 in a research report on Friday, March 7th. They issued a "buy" rating and a $23.00 target price on the stock. Citigroup began coverage on Hut 8 in a report on Thursday, May 22nd. They issued an "outperform" rating on the stock. Northland Capmk raised shares of Hut 8 to a "strong-buy" rating in a research report on Monday, April 21st. JMP Securities initiated coverage on shares of Hut 8 in a research report on Thursday, May 22nd. They issued a "market outperform" rating and a $25.00 target price for the company. Finally, HC Wainwright restated a "buy" rating and set a $25.00 price target 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 given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $25.76.

Hut 8 Trading Down 4.0%

The company has a debt-to-equity ratio of 0.27, a current ratio of 1.26 and a quick ratio of 1.26. The business has a 50-day simple moving average of $15.11 and a two-hundred day simple moving average of $17.78.

Hut 8 (NASDAQ:HUT - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.18) earnings per share for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.06). The business had revenue of $20.88 million for the quarter, compared to analyst estimates of $33.68 million. Hut 8 had a negative net margin of 39.92% and a positive return on equity of 13.00%. As a group, research analysts predict that Hut 8 Corp. will post -0.53 EPS for the current fiscal year.

Insider Buying and Selling at Hut 8

In other news, insider Victor Semah sold 11,363 shares of Hut 8 stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $12.95, for a total transaction of $147,150.85. Following the completion of the sale, the insider now owns 15,738 shares in the company, valued at $203,807.10. The trade was a 41.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 11.20% of the company's stock.

Hedge Funds Weigh In On Hut 8

Hedge funds have recently added to or reduced their stakes in the stock. State of Wyoming bought a new position in shares of Hut 8 during the first quarter worth $32,000. Optiver Holding B.V. bought a new position in Hut 8 during the fourth quarter worth about $35,000. US Bancorp DE lifted its holdings in Hut 8 by 3,961.7% during the first quarter. US Bancorp DE now owns 3,290 shares of the company's stock worth $38,000 after acquiring an additional 3,209 shares in the last quarter. Russell Investments Group Ltd. grew its stake in Hut 8 by 832.4% in the fourth quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company's stock valued at $42,000 after acquiring an additional 1,823 shares during the period. Finally, Principal Securities Inc. bought a new stake in shares of Hut 8 in the fourth quarter worth about $45,000. Institutional investors and hedge funds 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.

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