Hut 8 (NASDAQ:HUT) Rating Increased to Strong-Buy at Northland Capmk

Northland Capmk upgraded shares of Hut 8 (NASDAQ:HUT) to a strong-buy rating in a research report released on Monday morning,Zacks.com reports.

HUT has been the subject of a number of other reports. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 price target on shares of Hut 8 in a research note on Friday, March 7th. Keefe, Bruyette & Woods assumed coverage on shares of Hut 8 in a report on Wednesday, January 8th. They issued an “outperform” rating for the company. HC Wainwright decreased their price target on shares of Hut 8 from $35.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. Benchmark dropped their price objective on shares of Hut 8 from $41.00 to $33.00 and set a “buy” rating for the company in a research note on Wednesday, April 2nd. Finally, Canaccord Genuity Group restated a “buy” rating and set a $32.00 target price on shares of Hut 8 in a research report on Tuesday, March 4th. Twelve equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Hut 8 currently has a consensus rating of “Buy” and a consensus price target of $27.67.

Hut 8 Stock Down 4.9 %

HUT opened at $10.64 on Monday. Hut 8 has a fifty-two week low of $7.67 and a fifty-two week high of $31.95. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. The company has a fifty day moving average of $13.68 and a 200 day moving average of $18.96.

Institutional Investors Weigh In On Hut 8

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in Hut 8 by 3.9% in the fourth quarter. Vanguard Group Inc. now owns 6,459,385 shares of the company’s stock worth $132,352,000 after purchasing an additional 245,113 shares during the period. Geode Capital Management LLC grew its holdings in shares of Hut 8 by 21.1% in the third quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock worth $26,902,000 after purchasing an additional 381,720 shares during the last quarter. Jericho Capital Asset Management L.P. purchased a new position in Hut 8 in the 4th quarter worth about $37,400,000. BIT Capital GmbH increased its stake in Hut 8 by 11.5% in the 4th quarter. BIT Capital GmbH now owns 1,818,456 shares of the company’s stock worth $37,260,000 after buying an additional 187,773 shares during the period. Finally, D. E. Shaw & Co. Inc. bought a new stake in Hut 8 during the 4th quarter valued at about $27,115,000. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

About Hut 8

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.