Hut 8 (TSE:HUT) Stock Price Down 9.2% - Should You Sell?

Key Points

• Hut 8 shares fell 9.2% to C$115.64, with trading volume below average. The stock is below both its 50-day and 200-day moving averages.
• Despite the decline, analyst sentiment remains strongly positive: seven analysts rate Hut 8 a Strong Buy, one rates it Buy, and one rates it Hold.
• Institutional investors own approximately 39.85% of the company, while Dockside LLC recently initiated a position valued at about C$722,000.

Hut 8 Corp. (TSE:HUT - Get Free Report) traded down 9.2% on Thursday. The company traded as low as C$115.30 and last traded at C$115.64. Approximately 461,548 shares were traded during trading, a decline of 40% from the average session volume of 773,578 shares. The stock had previously closed at C$127.42.

Analyst Ratings Changes

HUT has been the subject of several recent research reports. Wells Fargo & Company upgraded Hut 8 to a "strong-buy" rating in a research report on Thursday, September 17th. Maxim Group raised shares of Hut 8 to a "strong-buy" rating in a report on Wednesday, August 5th. Freedom Capital upgraded shares of Hut 8 to a "strong-buy" rating in a research report on Tuesday, August 18th. UBS Group raised shares of Hut 8 to a "strong-buy" rating in a report on Wednesday, September 23rd. Finally, Freedom Broker upgraded shares of Hut 8 to a "strong-buy" rating in a research report on Tuesday, August 18th. Seven investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Strong Buy".

Hut 8 Stock Down 11.3%

The business's 50 day moving average is C$127.24 and its 200-day moving average is C$130.04. The stock has a market cap of C$13.93 billion, a price-to-earnings ratio of -20.93 and a beta of 4.58. The company has a debt-to-equity ratio of 30.65, a quick ratio of 1.25 and a current ratio of 0.86.

Hedge Funds Weigh In On Hut 8

A hedge fund recently bought a new position in Hut 8 stock. Dockside LLC purchased a new position in shares of Hut 8 Corp. (TSE:HUT - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 6,252 shares of the company's stock, valued at approximately $722,000. Hedge funds and other institutional investors own 39.85% 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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