Van ECK Associates Corp Trims Holdings in Hut 8 Corp. (NASDAQ:HUT)

Van ECK Associates Corp decreased its stake in shares of Hut 8 Corp. (NASDAQ:HUT) by 9.3% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 1,036,921 shares of the company’s stock after selling 105,865 shares during the quarter. Van ECK Associates Corp’s holdings in Hut 8 were worth $21,247,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC raised its position in Hut 8 by 77.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock valued at $26,000 after purchasing an additional 545 shares during the period. R Squared Ltd purchased a new stake in shares of Hut 8 in the 4th quarter valued at $26,000. Capital Performance Advisors LLP purchased a new stake in shares of Hut 8 in the 3rd quarter valued at $40,000. KBC Group NV purchased a new stake in shares of Hut 8 in the 4th quarter valued at $69,000. Finally, Intech Investment Management LLC purchased a new stake in shares of Hut 8 in the 3rd quarter valued at $133,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on HUT. Piper Sandler began 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. Canaccord Genuity Group boosted their price objective on Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Craig Hallum boosted 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. Stifel Nicolaus boosted their target price on Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a research note on Wednesday, October 30th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $35.00 target price on shares of Hut 8 in a research note on Tuesday, January 7th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $33.00.

Hut 8 Price Performance

NASDAQ:HUT opened at $20.47 on Friday. The stock has a 50-day simple moving average of $23.82 and a 200-day simple moving average of $18.23. Hut 8 Corp. has a 1 year low of $6.77 and a 1 year high of $31.95. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35.

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.