Hut 8 (NASDAQ:HUT) Trading Down 6.9% – Here’s Why
by Jessica Moore · The Cerbat GemHut 8 Corp. (NASDAQ:HUT – Get Free Report) shares traded down 6.9% during trading on Tuesday . The stock traded as low as $55.80 and last traded at $55.5240. 1,167,237 shares were traded during trading, a decline of 76% from the average session volume of 4,933,033 shares. The stock had previously closed at $59.65.
Analysts Set New Price Targets
A number of equities analysts have commented on HUT shares. Cantor Fitzgerald raised their price objective on Hut 8 from $24.00 to $64.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 4th. Wall Street Zen raised Hut 8 from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. B. Riley boosted their price target on Hut 8 from $61.00 to $76.00 and gave the company a “buy” rating in a research note on Friday, January 9th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Hut 8 in a research note on Monday, December 29th. Finally, Benchmark restated a “buy” rating on shares of Hut 8 in a research report on Wednesday, December 17th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Hut 8 has a consensus rating of “Buy” and an average price target of $56.76.
Check Out Our Latest Stock Report on Hut 8
Hut 8 Stock Performance
The firm has a market capitalization of $6.36 billion, a price-to-earnings ratio of -151.00 and a beta of 4.41. 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’s 50-day moving average is $46.39 and its 200-day moving average is $37.16.
Hut 8 (NASDAQ:HUT – Get Free Report) last announced its quarterly earnings results on Tuesday, November 4th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping 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 company had revenue of $80.72 million during the quarter, compared to the consensus estimate of $64.70 million. On average, analysts predict that Hut 8 Corp. will post -0.53 EPS for the current fiscal year.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in the company. Nisa Investment Advisors LLC boosted its position in Hut 8 by 116.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company’s stock worth $28,000 after buying an additional 815 shares during the period. Advisors Asset Management Inc. raised its stake in shares of Hut 8 by 68.4% during the second quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company’s stock valued at $30,000 after acquiring an additional 655 shares during the last quarter. GAMMA Investing LLC acquired a new position in shares of Hut 8 during the fourth quarter worth $30,000. Russell Investments Group Ltd. grew its stake in shares of Hut 8 by 235.8% in the second quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock worth $46,000 after purchasing an additional 1,719 shares during the last quarter. Finally, NewEdge Advisors LLC increased its holdings in Hut 8 by 67.2% in the third quarter. NewEdge Advisors LLC now owns 2,257 shares of the company’s stock valued at $79,000 after purchasing an additional 907 shares during the period. Institutional investors and hedge funds own 31.75% of the company’s stock.
About Hut 8
Hut 8 Corp., trading on the Nasdaq under the symbol HUT, is a North American digital infrastructure company specializing in cryptocurrency mining and high‐performance computing. Founded in 2017 and headquartered in Toronto, Canada, Hut 8 operates purpose‐built data centers that house fleets of specialized ASIC and GPU servers. Through its flagship mining facilities in Alberta and Ontario, the company leverages low‐cost, low‐carbon power sources—such as hydroelectric and natural gas—to support sustainable bitcoin production.