Hut 8 (NASDAQ:HUT) Trading Down 7% – Here’s What Happened

Hut 8 Corp. (NASDAQ:HUT) was down 7% during trading on Wednesday . The company traded as low as $15.98 and last traded at $15.72. Approximately 2,031,773 shares changed hands during trading, a decline of 65% from the average daily volume of 5,798,069 shares. The stock had previously closed at $16.90.

Analyst Ratings Changes

A number of research analysts have recently commented on HUT shares. HC Wainwright reaffirmed a “buy” rating and set a $25.00 price objective on shares of Hut 8 in a research note on Friday, May 9th. UBS Group set a $33.00 price objective on shares of Hut 8 in a research note on Wednesday, April 2nd. Canaccord Genuity Group reissued a “buy” rating and set a $32.00 target price on shares of Hut 8 in a research report on Monday, May 12th. Rosenblatt Securities started coverage on shares of Hut 8 in a research report on Friday, March 7th. They set a “buy” rating and a $23.00 target price for the company. Finally, Needham & Company LLC reissued a “buy” rating and set a $21.00 target price on shares of Hut 8 in a research report on Friday, May 9th. Fifteen analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $25.81.

Hut 8 Price Performance

The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. The company’s 50-day simple moving average is $13.41 and its 200-day simple moving average is $18.90.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.06). The business had revenue of $20.88 million for the quarter, compared to the consensus estimate of $33.68 million. On average, analysts anticipate that Hut 8 Corp. will post -0.53 EPS for the current fiscal year.

Insider Activity

In other news, insider Victor Semah sold 11,363 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $203,807.10. This trade represents a 41.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 11.20% of the company’s stock.

Hedge Funds Weigh In On Hut 8

Several large investors have recently modified their holdings of HUT. Jericho Capital Asset Management L.P. bought a new position in shares of Hut 8 during the fourth quarter worth about $37,400,000. D. E. Shaw & Co. Inc. bought a new position in Hut 8 during the fourth quarter worth $27,115,000. Voloridge Investment Management LLC bought a new position in Hut 8 during the fourth quarter worth $24,170,000. Arrowstreet Capital Limited Partnership bought a new position in Hut 8 during the fourth quarter worth $23,009,000. Finally, Invesco Ltd. lifted its stake in Hut 8 by 1,408.8% during the fourth quarter. Invesco Ltd. now owns 936,650 shares of the company’s stock worth $19,192,000 after purchasing an additional 874,572 shares during the last quarter. Institutional investors own 31.75% of the company’s stock.

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.