Hut 8 Corp. (NASDAQ:HUT - Get Free Report)'s stock price fell 2.2% during trading on Tuesday . The stock traded as low as $8.73 and last traded at $8.80. 305,533 shares changed hands during mid-day trading, a decline of 94% from the average session volume of 5,526,273 shares. The stock had previously closed at $9.00.
Wall Street Analysts Forecast Growth
Several research firms have commented on HUT. Canaccord Genuity Group decreased their price target on shares of Hut 8 from $17.50 to $14.00 and set a "buy" rating for the company in a research report on Friday. Needham & Company LLC restated a "buy" rating and issued a $12.00 target price on shares of Hut 8 in a research note on Monday, April 1st. HC Wainwright lifted their price target on shares of Hut 8 from $7.00 to $9.00 and gave the stock a "sell" rating in a report on Thursday, March 28th. Craig Hallum increased their price objective on Hut 8 from $10.00 to $12.00 and gave the company a "hold" rating in a report on Monday, April 1st. Finally, Stifel Nicolaus boosted their target price on Hut 8 from $3.25 to $15.00 and gave the stock a "speculative buy" rating in a research note on Monday, January 8th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $12.40.
Check Out Our Latest Stock Report on HUT
Hut 8 Stock Performance
The firm's fifty day moving average price is $8.63 and its two-hundred day moving average price is $6.95. The stock has a market capitalization of $769.22 million, a PE ratio of -3.13 and a beta of 3.91. The company has a current ratio of 4.61, a quick ratio of 4.61 and a debt-to-equity ratio of 0.04.
Institutional Inflows and Outflows
Large investors have recently made changes to their positions in the business. Quantbot Technologies LP purchased a new position in Hut 8 in the 1st quarter valued at about $28,000. Citigroup Inc. lifted its position in shares of Hut 8 by 1,045.6% in the first quarter. Citigroup Inc. now owns 8,592 shares of the company's stock valued at $47,000 after acquiring an additional 7,842 shares in the last quarter. D.A. Davidson & CO. purchased a new position in shares of Hut 8 in the first quarter valued at approximately $59,000. Vontobel Holding Ltd. acquired a new stake in shares of Hut 8 in the first quarter worth approximately $74,000. Finally, Golden Green Inc. purchased a new stake in shares of Hut 8 during the third quarter worth approximately $29,000. 31.75% of the stock is owned by institutional investors and hedge funds.
About Hut 8
(
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Hut 8 Corp. provides digital asset mining and high-performance computing infrastructure solutions in Canada. It operates computing infrastructure sites mines Bitcoin, as well as delivers cloud, colocation, and computing services to enterprise customers. The company was founded in 2017 and is based in Miami, Florida.
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