Hut 8 (TSE:HUT) Stock Price Down 8.1% - What's Next?

Key Points

• Hut 8 shares fell 8.1% to C$99.27 on Friday, with trading volume down 49% from its average.
• Despite the decline, analyst sentiment remains strongly positive: eight analysts rate the stock “Strong Buy,” one rates it “Buy,” and one rates it “Hold.”
• Institutional investors own 39.71% of Hut 8, while Dockside LLC recently initiated a position worth approximately C$722,000.

Shares of Hut 8 Corp. (TSE:HUT - Get Free Report) fell 8.1% on Friday. The stock traded as low as C$98.80 and last traded at C$99.27. 392,405 shares were traded during mid-day trading, a decline of 49% from the average daily volume of 775,813 shares. The stock had previously closed at C$107.97.

Analyst Upgrades and Downgrades

HUT has been the subject of a number of research reports. Rothschild & Co Redburn raised shares of Hut 8 to a "hold" rating in a research note on Monday, September 21st. Freedom Broker raised shares of Hut 8 to a "strong-buy" rating in a research report on Tuesday, August 18th. Wells Fargo & Company raised shares of Hut 8 to a "strong-buy" rating in a research report on Thursday, September 17th. Roth Capital upgraded shares of Hut 8 to a "strong-buy" rating in a report on Wednesday, October 7th. Finally, Maxim Group raised shares of Hut 8 to a "strong-buy" rating in a research report on Wednesday, August 5th. Eight equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Strong Buy".

Hut 8 Stock Performance

The company has a market cap of C$11.00 billion, a PE ratio of -18.09 and a beta of 4.58. 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's 50-day simple moving average is C$123.91 and its two-hundred day simple moving average is C$131.89.

Institutional Trading of Hut 8

An institutional investor recently bought a new stake in Hut 8 stock. Dockside LLC purchased a new stake in shares of Hut 8 Corp. (TSE:HUT - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 6,252 shares of the company's stock, valued at approximately $722,000. Hedge funds and other institutional investors own 39.71% of the company's stock.

Hut 8 Company Profile

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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