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

Hut 8 Corp. (NASDAQ:HUT) shares traded down 5.4% during mid-day trading on Thursday . The company traded as low as $42.80 and last traded at $43.5670. 1,497,116 shares traded 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 research analysts have recently commented on the company. Benchmark lifted their target price on Hut 8 from $36.00 to $78.00 and gave the stock a “buy” rating in a research note on Tuesday, October 28th. Cantor Fitzgerald lifted their price objective on shares of Hut 8 from $24.00 to $64.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 4th. B. Riley reiterated a “buy” rating on shares of Hut 8 in a report on Wednesday, October 22nd. Piper Sandler set a $74.00 target price on shares of Hut 8 and gave the stock an “overweight” rating in a research note on Monday, October 20th. Finally, Northland Securities set a $58.00 target price on shares of Hut 8 in a report on Wednesday, November 5th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $48.80.

Hut 8 Stock Up 1.5%

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

Hut 8 (NASDAQ:HUT) last released its quarterly earnings results on Tuesday, November 4th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.09. Hut 8 had a net margin of 115.39% and a return on equity of 8.06%. The business had revenue of $80.72 million for the quarter, compared to the consensus estimate of $64.70 million. Equities research analysts expect that Hut 8 Corp. will post -0.53 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Hut 8

A number of large investors have recently added to or reduced their stakes in the stock. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Hut 8 by 3.5% in the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 9,500 shares of the company’s stock valued at $331,000 after acquiring an additional 321 shares in the last quarter. Arizona State Retirement System increased its position in shares of Hut 8 by 1.9% in the third quarter. Arizona State Retirement System now owns 29,290 shares of the company’s stock worth $1,020,000 after purchasing an additional 542 shares during the period. Advisors Asset Management Inc. raised its stake in Hut 8 by 68.4% in the second quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company’s stock valued at $30,000 after purchasing an additional 655 shares in the last quarter. Main Management ETF Advisors LLC lifted its position in 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 purchasing an additional 732 shares during the period. Finally, Intech Investment Management LLC grew its stake in Hut 8 by 1.1% during the second quarter. Intech Investment Management LLC now owns 66,957 shares of the company’s stock worth $1,245,000 after buying an additional 734 shares in the last quarter. Institutional investors and hedge funds own 31.75% of the company’s stock.

Hut 8 Company Profile

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.