Hut 8 (NASDAQ:HUT) Stock Rating Upgraded by Northland Capmk

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

HUT has been the subject of several other research reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 price objective on shares of Hut 8 in a research note on Friday, March 7th. Needham & Company LLC reiterated a “buy” rating and issued a $30.00 price target on shares of Hut 8 in a research note on Tuesday, March 4th. BTIG Research started coverage on Hut 8 in a research report on Monday, April 14th. They set a “buy” rating and a $18.00 price objective on the stock. Northland Securities initiated coverage on Hut 8 in a report on Monday. They issued an “outperform” rating and a $20.00 target price for the company. Finally, Benchmark reduced their price target on Hut 8 from $41.00 to $33.00 and set a “buy” rating on the stock in a report on Wednesday, April 2nd. Twelve equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Hut 8 currently has an average rating of “Buy” and an average price target of $27.67.

Hut 8 Stock Up 10.8 %

NASDAQ:HUT opened at $11.79 on Monday. Hut 8 has a twelve month low of $7.67 and a twelve month 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 stock’s 50-day simple moving average is $13.51 and its 200 day simple moving average is $18.91.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in HUT. Nisa Investment Advisors LLC grew its stake in Hut 8 by 77.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock worth $26,000 after purchasing an additional 545 shares during the period. R Squared Ltd bought a new position in shares of Hut 8 during the 4th quarter worth approximately $26,000. Optiver Holding B.V. acquired a new stake in shares of Hut 8 during the 4th quarter worth approximately $35,000. Russell Investments Group Ltd. increased its stake in shares of Hut 8 by 832.4% in the 4th quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company’s stock valued at $42,000 after acquiring an additional 1,823 shares in the last quarter. Finally, Principal Securities Inc. acquired a new position in shares of Hut 8 during the 4th quarter valued at $45,000. 31.75% of the stock is owned by 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.