Hut 8 (NASDAQ:HUT) Shares Down 5.6% - Here's What Happened

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) recently experienced a notable decline in its share price, dropping by 5.6% on Tuesday. The stock was traded as low as $26.44, before closing at $25.40. In mid-day trading, around 1,081,499 shares exchanged hands, which marks a significant drop of 80% compared to the average daily trading volume of 5,285,583 shares. The previous close for the stock was at $26.92.

Analyst Upgrades and Downgrades

A number of market analysts have shared their insights regarding Hut 8's stock recently. Craig Hallum raised its price target for Hut 8 from $15.00 to $32.00, assigning a "buy" rating in a research report published on Thursday, November 14th. Similarly, HC Wainwright increased their target price from $26.00 to $35.00, also giving Hut 8 a "buy" rating. Benchmark has reiterated a "buy" rating for the stock, setting a price target of $41.00 in a report released on January 7th. Additionally, Canaccord Genuity Group raised their price objective from $22.00 to $32.00 and maintained a "buy" rating. Needham & Company LLC also reaffirmed a "buy" rating with a price target of $38.00 in a report published on January 13th. Currently, nine research analysts rate the stock as a buy, with an average price target of $33.00, according to MarketBeat.com.

Hut 8 Stock Performance

Examining Hut 8's financial ratios, the company has a current ratio of 1.00, a quick ratio also at 1.00, and a debt-to-equity ratio of 0.35. Its 50-day moving average stands at $25.24, while the 200-day moving average is at $17.84, indicating a positive trend in stock performance over time.

Institutional Investors Weigh In On Hut 8

Several institutional investors have shown interest in Hut 8 by either adding to or reducing their stakes in the company recently. State Street Corp increased its ownership in Hut 8 by 12.6% during the third quarter, now holding 2,740,769 shares valued at approximately $33,602,000 after purchasing an additional 307,292 shares. JAT Capital Management LP made a new investment in Hut 8 during the same period, valued at $32,260,000. Geode Capital Management has also increased its stake by 21.1%, now owning 2,193,900 shares valued at about $26,902,000. Charles Schwab Investment Management Inc. has boosted its holdings by 31.0%, currently owning 833,165 shares worth approximately $10,215,000 after buying an additional 197,074 shares. Connor Clark & Lunn Investment Management Ltd. has also established a new position in the company valued at nearly $10 million. Currently, institutional investors own around 31.75% of Hut 8’s stock.

Hut 8 Company Profile

Hut 8 Corp. is involved in the acquisition, construction, management, and operation of data centers focused on digital asset mining, computing, and artificial intelligence in the United States. The company operates in four segments: Digital Assets Mining, Managed Services, High-Performance Computing Colocation and Cloud, and Other.

Further Reading

For those interested in the stock market, consider exploring other investment opportunities and fundamental stock analysis.

Investors should be aware that while Hut 8 maintains a "Buy" rating from analysts, some top-rated analysts have identified other stocks that they view as better investment alternatives, emphasizing the importance of thorough research before making investment decisions.

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