Hut 8 (NASDAQ:HUT) Shares Down 5.4% – Time to Sell?

Shares of Hut 8 Corp. (NASDAQ:HUT) were down 5.4% during trading on Monday . The stock traded as low as $15.63 and last traded at $15.80. Approximately 2,023,545 shares changed hands during trading, a decline of 65% from the average daily volume of 5,850,610 shares. The stock had previously closed at $16.70.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Roth Capital began coverage on shares of Hut 8 in a report on Friday, June 6th. They issued a “buy” rating and a $25.00 price target for the company. JMP Securities assumed coverage on shares of Hut 8 in a research note on Thursday, May 22nd. They issued a “market outperform” rating and a $25.00 target price for the company. Citigroup started coverage on Hut 8 in a research note on Thursday, May 22nd. They issued an “outperform” rating on the stock. Benchmark reduced their price objective on Hut 8 from $41.00 to $33.00 and set a “buy” rating for the company in a research report on Wednesday, April 2nd. Finally, Northland Capmk raised Hut 8 to a “strong-buy” rating in a research report on Monday, April 21st. Fifteen analysts have rated the stock with a buy rating and four have given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $25.76.

Hut 8 Trading Down 4.0%

The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.27. The stock’s 50 day moving average is $15.11 and its 200 day moving average is $17.78.

Hut 8 (NASDAQ:HUT) last posted its earnings results on Thursday, May 8th. The company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.06). The firm had revenue of $20.88 million during the quarter, compared to analyst estimates of $33.68 million. Hut 8 had a negative net margin of 39.92% and a positive return on equity of 13.00%. Equities analysts expect that Hut 8 Corp. will post -0.53 earnings per share for the current year.

Insider Activity at Hut 8

In other Hut 8 news, insider Victor Semah sold 11,363 shares of the stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $12.95, for a total transaction of $147,150.85. Following the transaction, the insider now owns 15,738 shares in the company, valued at $203,807.10. This represents a 41.93% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 11.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Hut 8

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. State of Wyoming bought a new stake in Hut 8 during the first quarter worth $32,000. Optiver Holding B.V. bought a new stake in shares of Hut 8 during the 4th quarter worth $35,000. US Bancorp DE boosted its stake in Hut 8 by 3,961.7% in the first quarter. US Bancorp DE now owns 3,290 shares of the company’s stock valued at $38,000 after buying an additional 3,209 shares in the last quarter. Russell Investments Group Ltd. grew its position in Hut 8 by 832.4% in the fourth quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company’s stock valued at $42,000 after acquiring an additional 1,823 shares during the last quarter. Finally, Principal Securities Inc. acquired a new position in Hut 8 during the fourth quarter worth about $45,000. 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.