Hut 8 (TSE:HUT) Stock Price Down 8.1% – What’s Next?

Hut 8 Corp. (TSE:HUT)’s stock price traded down 8.1% during mid-day trading on Friday. The company traded as low as C$98.80 and last traded at C$99.27. Approximately 392,405 shares changed hands during trading, a decline of 49% from the average daily volume of 775,813 shares. The stock had previously closed at C$107.97.

Analysts Set New Price Targets

Several brokerages have weighed in on HUT. Freedom Capital raised shares of Hut 8 to a “strong-buy” rating in a research note on Tuesday, August 18th. Rothschild & Co Redburn upgraded shares of Hut 8 to a “hold” rating in a research report on Monday, September 21st. Roth Capital raised shares of Hut 8 to a “strong-buy” rating in a research note on Wednesday, October 7th. UBS Group upgraded shares of Hut 8 to a “strong-buy” rating in a report on Wednesday, September 23rd. Finally, Wells Fargo & Company raised shares of Hut 8 to a “strong-buy” rating in a research report on Thursday, September 17th. Eight equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Strong Buy”.

Hut 8 Stock Down 9.5%

The company has a current ratio of 0.86, a quick ratio of 1.25 and a debt-to-equity ratio of 30.65. The company has a market cap of C$11.00 billion, a price-to-earnings ratio of -18.09 and a beta of 4.58. The firm’s fifty day simple moving average is C$123.91 and its 200 day simple moving average is C$131.89.

Hedge Funds Weigh In On Hut 8

An institutional investor recently bought a new position in Hut 8 stock. Dockside LLC purchased a new position in shares of Hut 8 Corp. (TSE:HUT) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 6,252 shares of the company’s stock, valued at approximately $722,000. Institutional investors and hedge funds own 39.71% of the company’s stock.

Hut 8 Company Profile

Hut 8 Mining Corp is North America’s innovation-focused digital asset miner. Located in energy-rich Alberta, Canada. Hut 8 has one of the highest installed capacity rates in the industry and holds more self-mined bitcoin than any crypto miner or publicly-traded company globally. It is executing on its commitment to mining and holding bitcoin and has a diversified business and revenue strategy to grow and protect shareholder value regardless of bitcoin’s market direction.