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

Van ECK Associates Corp trimmed its stake in shares of Hut 8 Corp. (NASDAQ:HUT) by 9.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,036,921 shares of the company’s stock after selling 105,865 shares during the period. Van ECK Associates Corp owned about 1.11% of Hut 8 worth $21,247,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of HUT. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Hut 8 in the third quarter valued at approximately $9,997,000. Paloma Partners Management Co acquired a new stake in Hut 8 in the third quarter valued at approximately $834,000. State Street Corp grew its holdings in Hut 8 by 12.6% in the third quarter. State Street Corp now owns 2,740,769 shares of the company’s stock valued at $33,602,000 after purchasing an additional 307,292 shares during the period. MetLife Investment Management LLC grew its holdings in Hut 8 by 129.1% in the third quarter. MetLife Investment Management LLC now owns 46,719 shares of the company’s stock valued at $573,000 after purchasing an additional 26,324 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Hut 8 by 21.1% in the third quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock valued at $26,902,000 after purchasing an additional 381,720 shares during the period. 31.75% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have commented on HUT shares. Craig Hallum raised their price objective on Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Piper Sandler initiated coverage on Hut 8 in a report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price objective on the stock. HC Wainwright lifted their price target on Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $35.00 price target on shares of Hut 8 in a research note on Tuesday, January 7th. Finally, Canaccord Genuity Group lifted their price target on Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $33.00.

Hut 8 Stock Performance

Shares of Hut 8 stock opened at $20.47 on Friday. Hut 8 Corp. has a one year low of $6.77 and a one year high of $31.95. 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’s 50 day moving average price is $23.82 and its 200 day moving average price is $18.23.

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.