Hut 8 (NASDAQ:HUT) Stock Price Down 5.6% - What's Next?

Hut 8 Corp. (NASDAQ:HUT) experienced a notable drop in its share price, falling by 5.6% on Tuesday. The stock fell as low as $26.44 before closing at $25.40. During the trading session, approximately 1,081,499 shares changed hands, marking a significant decline of 80% in comparison to the average daily trading volume of 5,285,583 shares. The previous closing price was recorded at $26.92.

Analyst Upgrades and Downgrades

• Fast-Growing Companies That Are Still Undervalued

Analysts from various research firms have recently provided insights on Hut 8. For instance, on November 14th, Craig Hallum raised their price target for Hut 8 from $15.00 to $32.00, giving the stock a "buy" rating. Additionally, HC Wainwright increased their target price from $26.00 to $35.00 while maintaining a "buy" rating. On January 7th, Benchmark reiterated a "buy" rating and set a price target of $41.00. Canaccord Genuity Group also raised their target for Hut 8 from $22.00 to $32.00, further supporting a "buy" stance on the stock. As of now, according to MarketBeat.com, nine research analysts have given Hut 8 a "buy" rating, with an average price target of $33.00.

Check Out Our Latest Report on Hut 8

Hut 8 Stock Performance

• Hut 8 Corp.’s Earnings: Is Crypto Mining About to Change?

Regarding financial metrics, Hut 8 has a current ratio and quick ratio of 1.00, and a debt-to-equity ratio of 0.35. The firm's 50-day moving average stands at $25.24, while the 200-day moving average is at $17.84.

Institutional Investors Weigh In On Hut 8

Several institutional investors have made changes to their holdings in Hut 8 recently. For example, State Street Corp has increased its stake by 12.6% in the third quarter, now holding 2,740,769 shares valued at approximately $33,602,000 after adding another 307,292 shares. JAT Capital Management LP has acquired a new stake in Hut 8 worth $32,260,000 during the same period. Moreover, Geode Capital Management LLC has boosted its holdings by 21.1%, while Charles Schwab Investment Management Inc. has increased its position by 31.0%, owning 833,165 shares valued at $10,215,000. Currently, institutional investors collectively own about 31.75% of Hut 8's stock.

Hut 8 Company Profile

Hut 8 Corp., along with its subsidiaries, focuses on acquiring, building, managing, and operating data centers dedicated to digital asset mining, computing, and artificial intelligence in the United States. The company operates through four main segments: Digital Assets Mining, Managed Services, High-Performance Computing Colocation and Cloud, as well as Other services.

Further Reading

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This report has been generated to provide readers with the fastest and most accurate stock performance updates. Please feel free to reach out with any questions or comments.

Should You Invest $1,000 in Hut 8 Right Now?

Before making any investment decisions related to Hut 8, it's worth noting that while analysts currently rate the stock as a "Buy," there are other stocks that top analysts consider better investments. Therefore, potential investors should evaluate all options carefully.

Hut8, Stocks, Investment