Hut 8 (NASDAQ:HUT) Shares Down 7% - Time to Sell?

Hut 8 Corp. (NASDAQ:HUT - Get Free Report)'s stock price traded down 7% on Wednesday . The company traded as low as $15.98 and last traded at $15.72. 2,031,773 shares changed hands during mid-day trading, a decline of 65% from the average session volume of 5,798,069 shares. The stock had previously closed at $16.90.

Analyst Ratings Changes

A number of research firms have weighed in on HUT. Northland Securities assumed coverage on shares of Hut 8 in a report on Monday, April 21st. They issued an "outperform" rating and a $20.00 price objective for the company. Citigroup started coverage on Hut 8 in a research report on Thursday, May 22nd. They issued an "outperform" rating for the company. Northland Capmk upgraded shares of Hut 8 to a "strong-buy" rating in a report on Monday, April 21st. Needham & Company LLC reiterated a "buy" rating and set a $21.00 target price on shares of Hut 8 in a report on Friday, May 9th. Finally, Maxim Group initiated coverage on shares of Hut 8 in a report on Thursday, May 1st. They issued a "buy" rating and a $20.00 price objective on the stock. Fifteen equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, Hut 8 currently has a consensus rating of "Buy" and a consensus target price of $25.81.

Hut 8 Price Performance

The business's 50-day simple moving average is $13.52 and its two-hundred day simple moving average is $18.75. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00.

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

Insiders Place Their Bets

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 sale, the insider now owns 15,738 shares in the company, valued at $203,807.10. This trade represents a 41.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 11.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Hut 8

Several hedge funds and other institutional investors have recently modified their holdings of HUT. R Squared Ltd bought a new stake in Hut 8 in the fourth quarter worth $26,000. Nisa Investment Advisors LLC lifted its position in Hut 8 by 77.9% during 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 in the last quarter. State of Wyoming bought a new stake in Hut 8 during the 1st quarter worth about $32,000. Optiver Holding B.V. bought a new position in shares of Hut 8 in the 4th quarter worth $35,000. Finally, US Bancorp DE boosted its position in shares of 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 purchasing an additional 3,209 shares in the last quarter. 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.