Hut 8 (NASDAQ:HUT) Upgraded at Northland Capmk

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

HUT has been the topic of a number of other reports. Canaccord Genuity Group reiterated a “buy” rating and set a $32.00 price objective on shares of Hut 8 in a research note on Tuesday, March 4th. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price objective on shares of Hut 8 in a research note on Friday, March 7th. HC Wainwright reduced their target price on shares of Hut 8 from $35.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. BTIG Research assumed coverage on shares of Hut 8 in a report on Monday, April 14th. They issued a “buy” rating and a $18.00 price target on the stock. Finally, Northland Securities started coverage on shares of Hut 8 in a research note on Monday. They set an “outperform” rating and a $20.00 price objective for the company. Twelve investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $27.67.

Hut 8 Price Performance

NASDAQ:HUT opened at $10.64 on Monday. 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 50-day moving average of $13.68 and a 200 day moving average of $18.96. Hut 8 has a 1-year low of $7.67 and a 1-year high of $31.95.

Institutional Trading of Hut 8

Large investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC boosted its position in Hut 8 by 77.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock valued at $26,000 after buying an additional 545 shares during the last quarter. R Squared Ltd purchased a new stake in shares of Hut 8 in the 4th quarter valued at $26,000. Optiver Holding B.V. acquired a new stake in shares of Hut 8 in the fourth quarter worth $35,000. Russell Investments Group Ltd. raised its holdings in shares of Hut 8 by 832.4% during the fourth quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company’s stock worth $42,000 after purchasing an additional 1,823 shares during the last quarter. Finally, Principal Securities Inc. acquired a new position in Hut 8 during the fourth quarter valued at $45,000. 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.