Hut 8 Corp. (NASDAQ:HUT) Stake Reduced by Van ECK Associates Corp

Van ECK Associates Corp lowered its position in Hut 8 Corp. (NASDAQ:HUT - Free Report) by 68.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 702,102 shares of the company's stock after selling 1,496,369 shares during the quarter. Van ECK Associates Corp owned about 1.58% of Hut 8 worth $9,366,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in HUT. Mackenzie Financial Corp boosted its holdings in Hut 8 by 7.3% during the 3rd quarter. Mackenzie Financial Corp now owns 91,752 shares of the company's stock valued at $168,000 after acquiring an additional 6,225 shares during the period. TD Asset Management Inc boosted its position in Hut 8 by 2.7% in the 3rd quarter. TD Asset Management Inc now owns 203,130 shares of the company's stock valued at $401,000 after buying an additional 5,373 shares during the period. GSG Advisors LLC bought a new position in Hut 8 in the 3rd quarter worth about $273,000. QCM Cayman Ltd. purchased a new position in shares of Hut 8 during the third quarter worth approximately $60,000. Finally, Golden Green Inc. purchased a new stake in shares of Hut 8 in the third quarter valued at approximately $29,000. Institutional investors own 31.75% of the company's stock.

Hut 8 Stock Up 1.3 %

Shares of HUT stock traded up $0.11 during trading hours on Friday, reaching $8.27. 1,637,801 shares of the stock were exchanged, compared to its average volume of 4,908,684. The business's fifty day moving average is $8.58 and its two-hundred day moving average is $7.67. The firm has a market capitalization of $740.00 million, a P/E ratio of -3.01 and a beta of 3.98. Hut 8 Corp. has a 12-month low of $6.18 and a 12-month high of $22.75. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.61 and a quick ratio of 4.61.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on HUT. HC Wainwright lifted their target price on Hut 8 from $7.00 to $9.00 and gave the company a "sell" rating in a research report on Thursday, March 28th. Stifel Nicolaus increased their price objective on Hut 8 from $3.25 to $15.00 and gave the stock a "speculative buy" rating in a research report on Monday, January 8th. Needham & Company LLC restated a "buy" rating and issued a $12.00 target price on shares of Hut 8 in a research report on Monday, April 1st. Canaccord Genuity Group lowered their price target on Hut 8 from $17.50 to $14.00 and set a "buy" rating for the company in a report on Friday, April 5th. Finally, Craig Hallum boosted their price objective on shares of Hut 8 from $10.00 to $12.00 and gave the company a "hold" rating in a report on Monday, April 1st. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $12.33.

Hut 8 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.