Hut 8 Corp. (NASDAQ:HUT) Shares Sold by Van ECK Associates Corp

Van ECK Associates Corp lowered its stake in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) by 9.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,036,921 shares of the company's stock after selling 105,865 shares during the quarter. Van ECK Associates Corp owned approximately 1.11% of Hut 8 worth $21,247,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC grew 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 worth $26,000 after acquiring an additional 545 shares during the last quarter. R Squared Ltd purchased a new position in Hut 8 in the 4th quarter valued at $26,000. Capital Performance Advisors LLP purchased a new position in Hut 8 in the 3rd quarter valued at $40,000. KBC Group NV purchased a new position in Hut 8 in the 4th quarter valued at $69,000. Finally, Intech Investment Management LLC purchased a new position in Hut 8 in the 3rd quarter valued at $133,000. Institutional investors and hedge funds own 31.75% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on HUT. Craig Hallum lifted their price objective on shares of Hut 8 from $15.00 to $32.00 and gave the company a "buy" rating in a research report on Thursday, November 14th. Stifel Nicolaus lifted their price objective on shares of Hut 8 from $15.00 to $18.00 and gave the company a "speculative buy" rating in a research report on Wednesday, October 30th. Needham & Company LLC reiterated a "buy" rating and issued a $38.00 price objective on shares of Hut 8 in a research report on Monday, January 13th. HC Wainwright boosted their target price on shares of Hut 8 from $26.00 to $35.00 and gave the stock a "buy" rating in a research report on Thursday, November 14th. Finally, Canaccord Genuity Group boosted their target price on shares of Hut 8 from $22.00 to $32.00 and gave the stock a "buy" rating in a research report on Thursday, November 14th. Nine research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $33.00.

Hut 8 Stock Performance

Shares of NASDAQ:HUT traded down $0.85 during midday trading on Tuesday, hitting $19.62. 1,329,820 shares of the stock were exchanged, compared to its average volume of 4,920,506. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. Hut 8 Corp. has a twelve month low of $6.77 and a twelve month high of $31.95. The company has a 50 day moving average price of $23.49 and a 200-day moving average price of $18.38.

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.