Hut 8 (NASDAQ:HUT) Now Covered by Northland Securities

Northland Securities began coverage on shares of Hut 8 (NASDAQ:HUT) in a report issued on Monday morning, MarketBeat.com reports. The firm issued an outperform rating and a $20.00 price objective on the stock.

Other equities analysts have also recently issued reports about the company. HC Wainwright decreased their target price on Hut 8 from $35.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. BTIG Research started coverage on shares of Hut 8 in a report on Monday, April 14th. They issued a “buy” rating and a $18.00 target price for the company. Needham & Company LLC reissued a “buy” rating and set a $30.00 price target on shares of Hut 8 in a report on Tuesday, March 4th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 price objective on shares of Hut 8 in a research note on Friday, March 7th. Finally, Keefe, Bruyette & Woods began coverage on Hut 8 in a research note on Wednesday, January 8th. They issued an “outperform” rating for the company. Twelve research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Hut 8 currently has an average rating of “Buy” and a consensus price target of $27.67.

Hut 8 Stock Down 4.9 %

Shares of NASDAQ HUT opened at $10.64 on Monday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. Hut 8 has a 12-month low of $7.67 and a 12-month high of $31.95. The firm 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

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Nisa Investment Advisors LLC boosted its position in shares of Hut 8 by 77.9% during 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 period. R Squared Ltd bought a new stake in shares of Hut 8 during the fourth quarter valued at approximately $26,000. Optiver Holding B.V. purchased a new stake in shares of Hut 8 in the fourth quarter valued at approximately $35,000. Russell Investments Group Ltd. grew its stake in Hut 8 by 832.4% in 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 in the last quarter. Finally, Principal Securities Inc. purchased a new position in Hut 8 during the 4th quarter worth $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.