Hut 8 Corp. (HUT) stock drops 7.87% on profit-taking after reaching new all-time high.

Hut 8 Corp. (HUT) shares dropped 7.87% to $34.88 on Thursday due to profit-taking. The company's newly listed subsidiary, American Bitcoin (ABTC), switched auditors to KPMG LLC. Hut 8 Corp. owns the majority of American Bitcoin and focuses on building America's Bitcoin infrastructure platform. A price target upgrade of $60 from Roth Capital, representing a 72% upside from the latest closing price, was based on optimism for its high-performance computing and AI infrastructure, as well as American Bitcoin's progress towards hitting an operating hash rate of 25 EH/s.

Hut 8 Corp. (HUT) shares dropped 7.87% to $34.88 on Thursday, September 12, 2025, amidst profit-taking by investors. The decline was driven by a combination of factors, including the company's newly listed subsidiary, American Bitcoin (ABTC), switching auditors to KPMG LLC, and broader market volatility.

American Bitcoin, which Hut 8 Corp. owns the majority of, has been making progress in building America's Bitcoin infrastructure platform. The switch in auditors to KPMG LLC, a prominent global audit firm, is seen as a positive step towards enhancing transparency and credibility for the subsidiary. However, the market's reaction to this news, coupled with broader market conditions, contributed to the stock's decline.

In addition to the subsidiary's news, Hut 8 Corp. has seen several analyst upgrades. Roth Capital recently upgraded its price target for HUT to $60, representing a 72% upside from the latest closing price. The upgrade was based on optimism for Hut 8's high-performance computing and AI infrastructure, as well as American Bitcoin's progress towards hitting an operating hash rate of 25 EH/s Hut 8 (NASDAQ:HUT) Trading Down 6.4% - Should You Sell?^[1].

The broader market also played a role in HUT's decline. The S&P 500 and Nasdaq Composite fell on Thursday, with technology stocks, including Hut 8, experiencing significant losses. This was partly due to weakness in Bitcoin, which dropped 3.4% to $109,534.50 on the day Stock Market Today: Cipher Mining Slides on Bitcoin Weakness Despite Google-Backed AI Hosting Agreement^[2].

Despite the recent drop, Hut 8 Corp. continues to face a positive consensus rating among analysts. According to MarketBeat, three investment analysts have rated the stock with a Strong Buy rating and sixteen have issued a Buy rating to the company. The consensus rating remains a "Buy" with a target price of $29.88 Hut 8 (NASDAQ:HUT) Trading Down 6.4% - Should You Sell?^[1].