Archer Investment Corp Trims Position in Hut 8 Corp. (NASDAQ:HUT)

Archer Investment Corp lessened its position in shares of Hut 8 Corp. (NASDAQ:HUT) by 80.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,577 shares of the company’s stock after selling 22,311 shares during the quarter. Archer Investment Corp’s holdings in Hut 8 were worth $74,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of HUT. State Street Corp increased its position in Hut 8 by 327.4% during the second quarter. State Street Corp now owns 6,856,582 shares of the company’s stock valued at $22,627,000 after acquiring an additional 5,252,265 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in Hut 8 during the second quarter valued at $3,697,000. Qube Research & Technologies Ltd purchased a new stake in Hut 8 during the third quarter valued at $3,429,000. American Century Companies Inc. increased its position in Hut 8 by 2,375.8% during the first quarter. American Century Companies Inc. now owns 1,005,178 shares of the company’s stock valued at $1,740,000 after acquiring an additional 964,578 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in Hut 8 by 203.4% during the third quarter. Wellington Management Group LLP now owns 1,125,958 shares of the company’s stock valued at $2,224,000 after acquiring an additional 754,891 shares during the last quarter. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on HUT. Canaccord Genuity Group reduced their price target on Hut 8 from $17.50 to $14.00 and set a “buy” rating for the company in a research report on Friday, April 5th. Stifel Nicolaus upped their price target 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. HC Wainwright upped their price target on Hut 8 from $7.00 to $9.00 and gave the stock a “sell” rating in a research report on Thursday, March 28th. Craig Hallum upped their price target on Hut 8 from $10.00 to $12.00 and gave the stock a “hold” rating in a research report on Monday, April 1st. Finally, Needham & Company LLC restated a “buy” rating and issued a $12.00 price target on shares of Hut 8 in a research report on Monday, April 1st. One analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Hut 8 presently has a consensus rating of “Hold” and a consensus price target of $12.40.

Hut 8 Stock Performance

NASDAQ HUT opened at $7.44 on Thursday. The firm has a market cap of $663.95 million, a price-to-earnings ratio of -2.71 and a beta of 3.91. The company has a quick ratio of 4.61, a current ratio of 4.61 and a debt-to-equity ratio of 0.04. The business has a 50-day moving average price of $8.69 and a 200-day moving average price of $7.16. Hut 8 Corp. has a twelve month low of $6.18 and a twelve month high of $22.75.

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.