Hut 8 (NASDAQ:HUT) Trading Down 8.6% – Here’s Why

Hut 8 Corp. (NASDAQ:HUT)’s share price fell 8.6% during mid-day trading on Tuesday . The company traded as low as $39.90 and last traded at $39.8390. 2,426,895 shares traded hands during trading, a decline of 60% from the average session volume of 6,126,367 shares. The stock had previously closed at $43.57.

Analysts Set New Price Targets

A number of research firms have commented on HUT. Roth Capital restated a “buy” rating and issued a $60.00 price target (up from $31.00) on shares of Hut 8 in a research report on Monday, September 15th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Hut 8 in a research note on Tuesday. Citigroup restated an “outperform” rating on shares of Hut 8 in a research report on Tuesday, October 21st. Benchmark lifted their price objective on Hut 8 from $36.00 to $78.00 and gave the company a “buy” rating in a research report on Tuesday, October 28th. Finally, Wall Street Zen raised Hut 8 from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Hut 8 currently has a consensus rating of “Buy” and an average target price of $48.80.

Hut 8 Stock Performance

The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.14. The firm has a fifty day simple moving average of $43.21 and a 200-day simple moving average of $29.60.

Hut 8 (NASDAQ:HUT) last released its earnings results on Tuesday, November 4th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.09. Hut 8 had a return on equity of 8.06% and a net margin of 115.39%.The company had revenue of $80.72 million during the quarter, compared to the consensus estimate of $64.70 million. On average, analysts expect that Hut 8 Corp. will post -0.53 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in HUT. Nisa Investment Advisors LLC raised its stake in shares of Hut 8 by 116.4% during the second quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company’s stock worth $28,000 after buying an additional 815 shares during the last quarter. Advisors Asset Management Inc. grew its holdings in Hut 8 by 68.4% during the 2nd quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company’s stock worth $30,000 after acquiring an additional 655 shares during the period. NewEdge Advisors LLC raised its position in shares of Hut 8 by 67.2% during the 3rd quarter. NewEdge Advisors LLC now owns 2,257 shares of the company’s stock valued at $79,000 after acquiring an additional 907 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Hut 8 by 235.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock valued at $46,000 after purchasing an additional 1,719 shares during the period. Finally, State of Wyoming acquired a new position in shares of Hut 8 in the 1st quarter valued at $32,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

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.