Hut 8 (NASDAQ:HUT) Trading Down 12.4% – Here’s What Happened

Shares of Hut 8 Corp. (NASDAQ:HUT) dropped 12.4% on Wednesday . The company traded as low as $55.28 and last traded at $51.6950. Approximately 575,219 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 5,222,862 shares. The stock had previously closed at $59.02.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Citigroup restated an “outperform” rating on shares of Hut 8 in a research note on Tuesday, October 21st. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price target on shares of Hut 8 in a research note on Friday, January 16th. Canaccord Genuity Group boosted their price target on shares of Hut 8 from $54.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, December 18th. Piper Sandler restated an “overweight” rating on shares of Hut 8 in a report on Thursday, December 18th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Hut 8 from $55.00 to $75.00 and gave the stock a “moderate buy” rating in a research report on Tuesday, January 27th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Hut 8 currently has a consensus rating of “Buy” and a consensus price target of $62.35.

Hut 8 Stock Down 14.6%

The business has a 50-day simple moving average of $50.92 and a two-hundred day simple moving average of $40.03. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.72 and a current ratio of 0.72. The company has a market capitalization of $5.44 billion, a price-to-earnings ratio of -129.94 and a beta of 4.42.

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

Institutional Investors Weigh In On Hut 8

Hedge funds and other institutional investors have recently modified their holdings of the company. Nisa Investment Advisors LLC boosted its holdings 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 purchasing an additional 815 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in Hut 8 by 68.4% in the 2nd quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company’s stock worth $30,000 after buying an additional 655 shares during the last quarter. GAMMA Investing LLC purchased a new stake in Hut 8 in the 4th quarter valued at about $30,000. Russell Investments Group Ltd. increased its stake in shares of Hut 8 by 235.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock valued at $46,000 after acquiring an additional 1,719 shares during the last quarter. Finally, Activest Wealth Management purchased a new position in shares of Hut 8 during the 4th quarter worth about $49,000. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

Hut 8 Company Profile

Hut 8 Corp., trading on the Nasdaq under the symbol HUT, is a North American digital infrastructure company specializing in cryptocurrency mining and high‐performance computing. Founded in 2017 and headquartered in Toronto, Canada, Hut 8 operates purpose‐built data centers that house fleets of specialized ASIC and GPU servers. Through its flagship mining facilities in Alberta and Ontario, the company leverages low‐cost, low‐carbon power sources—such as hydroelectric and natural gas—to support sustainable bitcoin production.