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

Northland Securities started coverage on shares of Hut 8 (NASDAQ:HUT - Free Report) in a report published on Monday, Marketbeat.com reports. The brokerage issued an outperform rating and a $20.00 target price on the stock.

A number of other analysts also recently issued reports on HUT. UBS Group set a $33.00 price target on Hut 8 in a research report on Wednesday, April 2nd. BTIG Research started coverage on shares of Hut 8 in a research note on Monday, April 14th. They set a "buy" rating and a $18.00 price target for the company. Rosenblatt Securities began coverage on shares of Hut 8 in a research report on Friday, March 7th. They issued a "buy" rating and a $23.00 price objective on the stock. Canaccord Genuity Group reissued a "buy" rating and issued a $32.00 price objective on shares of Hut 8 in a research note on Tuesday, March 4th. Finally, HC Wainwright cut their target price on Hut 8 from $35.00 to $30.00 and set a "buy" rating on the stock in a research note on Tuesday, March 4th. Twelve research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Hut 8 presently has an average rating of "Buy" and a consensus target price of $27.67.

Hut 8 Trading Up 3.9 %

HUT stock traded up $0.50 during midday trading on Monday, reaching $13.40. 4,762,270 shares of the company traded hands, compared to its average volume of 5,392,156. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. The business has a 50 day moving average of $13.19 and a 200-day moving average of $18.88. Hut 8 has a 52-week low of $7.67 and a 52-week high of $31.95.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of HUT. R Squared Ltd acquired a new position in Hut 8 in the 4th quarter worth approximately $26,000. Nisa Investment Advisors LLC increased its stake in shares of Hut 8 by 77.9% in 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 period. Optiver Holding B.V. purchased a new position in shares of Hut 8 during the fourth quarter worth $35,000. Russell Investments Group Ltd. lifted its position in Hut 8 by 832.4% during the fourth quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company's stock valued at $42,000 after purchasing an additional 1,823 shares during the period. Finally, Principal Securities Inc. purchased a new stake in Hut 8 in the fourth quarter valued at $45,000. 31.75% of the stock is owned by institutional investors and hedge funds.

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.