Northland Securities Initiates Coverage on Hut 8 (NASDAQ:HUT)

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

A number of other brokerages have also recently commented on HUT. Benchmark reduced their price target on shares of Hut 8 from $41.00 to $33.00 and set a "buy" rating on the stock in a research report on Wednesday, April 2nd. Keefe, Bruyette & Woods began coverage on Hut 8 in a research note on Wednesday, January 8th. They set an "outperform" rating on the stock. Needham & Company LLC restated a "buy" rating and issued a $30.00 price objective on shares of Hut 8 in a report on Tuesday, March 4th. BTIG Research started coverage on Hut 8 in a research report on Monday, April 14th. They issued a "buy" rating and a $18.00 target price for the company. Finally, HC Wainwright dropped their price target on Hut 8 from $35.00 to $30.00 and set a "buy" rating on the stock in a research report on Tuesday, March 4th. Twelve analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $27.67.

Hut 8 Price Performance

Shares of NASDAQ HUT traded up $0.50 during midday trading on Monday, hitting $13.40. 4,762,270 shares of the company's stock were exchanged, compared to its average volume of 5,405,821. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. Hut 8 has a 12-month low of $7.67 and a 12-month high of $31.95. The business's fifty day moving average price is $13.07 and its two-hundred day moving average price is $18.89.

Institutional Trading of Hut 8

Several institutional investors have recently added to or reduced their stakes in the business. Jericho Capital Asset Management L.P. bought a new position in shares of Hut 8 during the fourth quarter valued at $37,400,000. D. E. Shaw & Co. Inc. bought a new position in Hut 8 during the 4th quarter valued at about $27,115,000. Voloridge Investment Management LLC purchased a new stake in shares of Hut 8 during the 4th quarter valued at about $24,170,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of Hut 8 in the fourth quarter worth approximately $23,009,000. Finally, Invesco Ltd. raised its holdings in shares of Hut 8 by 1,408.8% during the fourth quarter. Invesco Ltd. now owns 936,650 shares of the company's stock valued at $19,192,000 after purchasing an additional 874,572 shares during the last quarter. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

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.