Hut 8 (TSE:HUT) Stock Falls 22.5% - What's Next?

Key Points

• Hut 8 shares fell 22.5%, from a prior close of C$88.90 to C$68.87, while trading volume rose 35% above its daily average.
• Despite the sharp decline, analyst sentiment remains positive: eight analysts rate the stock a Strong Buy, one a Buy, and one a Hold.
• The share price is well below its 50-day and 200-day moving averages, both around C$115; institutional investors and hedge funds own 43.19% of the stock.

Hut 8 Corp. (TSE:HUT - Get Free Report)'s share price traded down 22.5% on Wednesday. The company traded as low as C$68.25 and last traded at C$68.87. 1,043,517 shares were traded during trading, an increase of 35% from the average daily volume of 772,142 shares. The stock had previously closed at C$88.90.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Wells Fargo & Company upgraded Hut 8 to a "strong-buy" rating in a report on Thursday, September 17th. Freedom Capital upgraded Hut 8 to a "strong-buy" rating in a research note on Tuesday, August 18th. Roth Capital upgraded Hut 8 to a "strong-buy" rating in a research note on Wednesday, October 7th. UBS Group upgraded Hut 8 to a "strong-buy" rating in a research report on Wednesday, September 23rd. Finally, Maxim Group raised Hut 8 to a "strong-buy" rating in a research note on Wednesday, August 5th. Eight research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Strong Buy".

Hut 8 Stock Down 23.3%

The company has a current ratio of 0.86, a quick ratio of 1.25 and a debt-to-equity ratio of 30.65. The firm has a market capitalization of C$8.41 billion, a PE ratio of -12.63 and a beta of 4.58. The firm has a 50-day moving average of C$116.66 and a two-hundred day moving average of C$114.64.

Hedge Funds Weigh In On Hut 8

A hedge fund recently bought a new stake in Hut 8 stock. Dockside LLC bought a new position in shares of Hut 8 Corp. (TSE:HUT - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The fund bought 6,252 shares of the company's stock, valued at approximately $722,000. 43.19% of the stock is currently owned by institutional investors and hedge funds.

About Hut 8

Hut 8 Mining Corp is North America's innovation-focused digital asset miner. Located in energy-rich Alberta, Canada. Hut 8 has one of the highest installed capacity rates in the industry and holds more self-mined bitcoin than any crypto miner or publicly-traded company globally. It is executing on its commitment to mining and holding bitcoin and has a diversified business and revenue strategy to grow and protect shareholder value regardless of bitcoin's market direction.

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