Hut 8 (NASDAQ:HUT) Shares Down 6.8%

Hut 8 Corp. (NASDAQ:HUT) traded down 6.8% during trading on Thursday . The stock traded as low as $9.18 and last traded at $9.18. 708,481 shares changed hands during trading, a decline of 85% from the average session volume of 4,573,430 shares. The stock had previously closed at $9.85.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on HUT shares. Canaccord Genuity Group reiterated a “buy” rating and issued a $14.00 target price on shares of Hut 8 in a report on Thursday, May 16th. HC Wainwright decreased their target price on shares of Hut 8 from $9.00 to $7.50 and set a “sell” rating for the company in a research report on Thursday, May 16th. Needham & Company LLC raised their price target on shares of Hut 8 from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Thursday, May 16th. Craig Hallum raised Hut 8 from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a report on Thursday, May 16th. Finally, Benchmark reissued a “buy” rating and issued a $12.00 price objective on shares of Hut 8 in a research note on Thursday, May 16th. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $12.25.

Hut 8 Trading Down 9.5 %

The company has a quick ratio of 4.61, a current ratio of 4.61 and a debt-to-equity ratio of 0.04. The business has a 50 day moving average price of $8.69 and a two-hundred day moving average price of $8.30.

Insider Buying and Selling at Hut 8

In related news, CFO Shenif Visram sold 17,905 shares of the business’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $8.15, for a total transaction of $145,925.75. Following the sale, the chief financial officer now directly owns 30,865 shares in the company, valued at approximately $251,549.75. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 12.00% of the stock is owned by corporate insiders.

Institutional Trading of Hut 8

Hedge funds and other institutional investors have recently bought and sold shares of the company. Global Retirement Partners LLC grew its holdings in shares of Hut 8 by 280.1% in the first quarter. Global Retirement Partners LLC now owns 5,428 shares of the company’s stock worth $60,000 after purchasing an additional 4,000 shares during the last quarter. Triton Wealth Management PLLC raised its stake in shares of Hut 8 by 24.9% during the first quarter. Triton Wealth Management PLLC now owns 12,490 shares of the company’s stock valued at $138,000 after acquiring an additional 2,490 shares during the last quarter. Private Advisor Group LLC boosted its holdings in shares of Hut 8 by 54.7% during the third quarter. Private Advisor Group LLC now owns 18,095 shares of the company’s stock worth $35,000 after purchasing an additional 6,400 shares during the period. Headlands Technologies LLC bought a new stake in shares of Hut 8 in the first quarter worth about $255,000. Finally, AM Investment Strategies LLC purchased a new position in Hut 8 during the 4th quarter valued at about $597,000. Hedge funds and other institutional investors 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.