Hut 8 (NASDAQ:HUT) Shares Down 5.4% – Should You Sell?

by · The Cerbat Gem

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

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on HUT shares. Wall Street Zen upgraded Hut 8 from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Benchmark lifted their target price on Hut 8 from $36.00 to $78.00 and gave the stock a “buy” rating in a report on Tuesday, October 28th. Citigroup reissued an “outperform” rating on shares of Hut 8 in a report on Tuesday, October 21st. Piper Sandler set a $74.00 price objective on shares of Hut 8 and gave the stock an “overweight” rating in a research report on Monday, October 20th. Finally, Roth Capital restated a “buy” rating and set a $60.00 price objective (up from $31.00) on shares of Hut 8 in a research report on Monday, September 15th. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $48.80.

View Our Latest Research Report on Hut 8

Hut 8 Trading Down 11.6%

The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.14. The company’s 50-day moving average is $44.13 and its 200-day moving average is $30.74. The stock has a market capitalization of $4.46 billion, a price-to-earnings ratio of -105.92 and a beta of 4.41.

Hut 8 (NASDAQ:HUT – Get Free Report) last announced its quarterly earnings results on Tuesday, November 4th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.09. The business 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%. Research analysts anticipate that Hut 8 Corp. will post -0.53 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Hut 8

Several institutional investors and hedge funds have recently modified their holdings of HUT. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Hut 8 by 3.5% during the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 9,500 shares of the company’s stock worth $331,000 after buying an additional 321 shares during the last quarter. Arizona State Retirement System lifted its holdings in shares of Hut 8 by 1.9% in the 3rd quarter. Arizona State Retirement System now owns 29,290 shares of the company’s stock valued at $1,020,000 after purchasing an additional 542 shares during the last quarter. Advisors Asset Management Inc. increased its position in Hut 8 by 68.4% during the second 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 period. Main Management ETF Advisors LLC grew its position in shares of Hut 8 by 1.7% during the second quarter. Main Management ETF Advisors LLC now owns 44,713 shares of the company’s stock worth $832,000 after acquiring an additional 732 shares during the last quarter. Finally, Intech Investment Management LLC increased its stake in Hut 8 by 1.1% in the second quarter. Intech Investment Management LLC now owns 66,957 shares of the company’s stock valued at $1,245,000 after purchasing an additional 734 shares during the period. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Hut 8 Company Profile

(Get Free Report)

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.

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