Hut 8 (NASDAQ:HUT) Stock Price Down 5.6% – Should You Sell?

Shares of Hut 8 Corp. (NASDAQ:HUT) traded down 5.6% during trading on Tuesday . The company traded as low as $26.44 and last traded at $25.40. 1,081,499 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 5,285,583 shares. The stock had previously closed at $26.92.

Analyst Ratings Changes

Several research firms recently weighed in on HUT. Benchmark restated a “buy” rating and set a $41.00 target price on shares of Hut 8 in a report on Tuesday, January 7th. Needham & Company LLC reaffirmed a “buy” rating and issued a $38.00 target price on shares of Hut 8 in a research report on Monday, January 13th. Craig Hallum raised their target price on Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Keefe, Bruyette & Woods assumed coverage on Hut 8 in a report on Wednesday, January 8th. They issued an “outperform” rating for the company. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $35.00 price objective on shares of Hut 8 in a research note on Tuesday, January 7th. Nine research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $33.00.

Hut 8 Price Performance

The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. The business’s 50 day moving average is $25.17 and its 200-day moving average is $17.71.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Nisa Investment Advisors LLC boosted its holdings in shares of Hut 8 by 77.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock valued at $26,000 after buying an additional 545 shares during the period. Capital Performance Advisors LLP bought a new position in Hut 8 in the third quarter worth about $40,000. Amalgamated Bank acquired a new position in Hut 8 in the second quarter valued at approximately $42,000. Intech Investment Management LLC acquired a new stake in shares of Hut 8 during the 3rd quarter worth approximately $133,000. Finally, Victory Capital Management Inc. bought a new stake in shares of Hut 8 in the 2nd quarter worth approximately $154,000. Institutional investors own 31.75% of the company’s stock.

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.