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

Hut 8 (NASDAQ:HUT) was upgraded by equities research analysts at Northland Capmk to a “strong-buy” rating in a research note issued on Monday,Zacks.com reports.

HUT has been the subject of a number of other research reports. Rosenblatt Securities assumed coverage on Hut 8 in a research note on Friday, March 7th. They issued a “buy” rating and a $23.00 price target for the company. BTIG Research initiated coverage on shares of Hut 8 in a report on Monday, April 14th. They issued a “buy” rating and a $18.00 price objective for the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price objective on shares of Hut 8 in a report on Friday, March 7th. HC Wainwright decreased their target price on shares of Hut 8 from $35.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $30.00 price target on shares of Hut 8 in a research report on Tuesday, March 4th. Twelve investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $27.67.

Hut 8 Trading Down 4.9 %

NASDAQ HUT opened at $10.64 on Monday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. Hut 8 has a 1-year low of $7.67 and a 1-year high of $31.95. The stock has a 50-day moving average of $13.68 and a 200-day moving average of $18.96.

Hedge Funds Weigh In On Hut 8

Several institutional investors have recently added to or reduced their stakes in HUT. Vanguard Group Inc. grew its holdings in shares of Hut 8 by 3.9% in the fourth quarter. Vanguard Group Inc. now owns 6,459,385 shares of the company’s stock valued at $132,352,000 after purchasing an additional 245,113 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Hut 8 by 21.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock worth $26,902,000 after buying an additional 381,720 shares during the last quarter. Jericho Capital Asset Management L.P. purchased a new stake in shares of Hut 8 during the 4th quarter valued at about $37,400,000. BIT Capital GmbH lifted its holdings in shares of Hut 8 by 11.5% in the 4th quarter. BIT Capital GmbH now owns 1,818,456 shares of the company’s stock valued at $37,260,000 after acquiring an additional 187,773 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. purchased a new position in Hut 8 in the fourth quarter worth about $27,115,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Hut 8 Company Profile

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.