Hut 8 (NASDAQ:HUT) Stock Price Down 5.4% – What’s Next?

Shares of Hut 8 Corp. (NASDAQ:HUT) fell 5.4% during mid-day trading on Thursday . The stock traded as low as $42.80 and last traded at $43.5670. 1,497,116 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 6,115,224 shares. The stock had previously closed at $46.04.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Canaccord Genuity Group raised their price objective on Hut 8 from $36.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, November 5th. Benchmark increased their price target on Hut 8 from $36.00 to $78.00 and gave the stock a “buy” rating in a report on Tuesday, October 28th. Wall Street Zen upgraded Hut 8 from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Cantor Fitzgerald boosted their price objective on Hut 8 from $24.00 to $64.00 and gave the company an “overweight” rating in a research report on Tuesday, November 4th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Hut 8 in a report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $48.80.

Hut 8 Trading Up 1.5%

The company has a debt-to-equity ratio of 0.14, a current ratio of 0.72 and a quick ratio of 0.72. The business’s 50-day moving average is $43.95 and its two-hundred day moving average is $30.46. The firm has a market cap of $5.05 billion, a P/E ratio of -119.80 and a beta of 4.41.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings data on Tuesday, November 4th. The company reported ($0.07) EPS for the quarter, topping 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 net margin of 115.39% and a return on equity of 8.06%. As a group, analysts predict that Hut 8 Corp. will post -0.53 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Baird Financial Group Inc. acquired a new stake in shares of Hut 8 in the 1st quarter valued at approximately $360,000. Rhumbline Advisers raised its position in Hut 8 by 19.4% during the second quarter. Rhumbline Advisers now owns 146,356 shares of the company’s stock worth $2,722,000 after acquiring an additional 23,753 shares in the last quarter. Zweig DiMenna Associates LLC acquired a new stake in Hut 8 in the second quarter valued at $3,688,000. Nuveen LLC bought a new position in shares of Hut 8 in the 1st quarter valued at about $2,508,000. Finally, Tobam grew its position in shares of Hut 8 by 48.9% in the 2nd quarter. Tobam now owns 34,945 shares of the company’s stock valued at $650,000 after acquiring an additional 11,482 shares during the period. 31.75% of the stock is currently owned by institutional investors.

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.