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

Hut 8 (NASDAQ:HUT - Get Free Report) was upgraded by research analysts at Northland Capmk to a "strong-buy" rating in a research note issued to investors on Monday,Zacks.com reports.

Several other research firms also recently weighed in on HUT. UBS Group set a $33.00 price target on shares of Hut 8 in a research report on Wednesday, April 2nd. Benchmark decreased 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. Needham & Company LLC reiterated a "buy" rating and issued a $30.00 price target on shares of Hut 8 in a research report on Tuesday, March 4th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $30.00 price target on shares of Hut 8 in a research report on Friday, March 7th. Finally, BTIG Research started coverage on shares of Hut 8 in a research report on Monday, April 14th. They issued a "buy" rating and a $18.00 price target on the stock. Twelve investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Hut 8 currently has a consensus rating of "Buy" and an average price target of $27.67.

Hut 8 Stock Performance

Shares of HUT stock traded up $0.50 during trading hours on Monday, reaching $13.40. The company had a trading volume of 4,762,270 shares, compared to its average volume of 5,421,751. The business has a fifty day moving average price of $13.07 and a 200-day moving average price of $19.00. Hut 8 has a one year low of $7.67 and a one year high of $31.95. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00.

Hedge Funds Weigh In On Hut 8

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in Hut 8 by 3.9% during the fourth quarter. Vanguard Group Inc. now owns 6,459,385 shares of the company's stock valued at $132,352,000 after acquiring an additional 245,113 shares in the last quarter. ExodusPoint Capital Management LP purchased a new position in Hut 8 during the fourth quarter valued at $1,180,000. JPMorgan Chase & Co. grew its stake in Hut 8 by 23.1% during the fourth quarter. JPMorgan Chase & Co. now owns 322,927 shares of the company's stock valued at $6,617,000 after acquiring an additional 60,542 shares in the last quarter. Geode Capital Management LLC grew its stake in Hut 8 by 21.1% during the third quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company's stock valued at $26,902,000 after acquiring an additional 381,720 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in Hut 8 by 9.4% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 891,830 shares of the company's stock valued at $18,242,000 after acquiring an additional 76,299 shares in the last quarter. 31.75% of the stock is owned by hedge funds and other 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.