Van ECK Associates Corp Reduces Stake in Hut 8 Corp.

Van ECK Associates Corp has decreased its ownership in Hut 8 Corp. (NASDAQ:HUT - Free Report) by 9.3% during the fourth quarter, as disclosed in its recent Form 13F filing with the Securities and Exchange Commission. After selling 105,865 shares during this period, the firm now holds 1,036,921 shares of Hut 8. This represents approximately 1.11% of the company's stock, valued at $21,247,000 based on the latest filing.

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Recently, various other institutional investors and hedge funds have adjusted their positions in Hut 8 Corp. Connor Clark & Lunn Investment Management Ltd. initiated a new stake in the third quarter, valued at about $9,997,000. Similarly, Paloma Partners Management Co made a new investment in Hut 8 worth approximately $834,000. Moreover, State Street Corp increased its holdings in Hut 8 by 12.6% during the same quarter, now owning 2,740,769 shares valued at $33,602,000 after an addition of 307,292 shares. MetLife Investment Management LLC also enlarged its position by 129.1%, acquiring an additional 26,324 shares, bringing its total to 46,719 shares valued at $573,000. Additionally, Geode Capital Management LLC raised its holdings by 21.1%, now holding 2,193,900 shares valued at $26,902,000. Institutional and hedge fund investors collectively own 31.75% of Hut 8's stock.

Update on Analyst Ratings

Several analysts have recently offered insights regarding Hut 8 shares. Craig Hallum increased its price target from $15.00 to $32.00, assigning a "buy" rating in a report dated November 14th. Piper Sandler started coverage on Hut 8 on December 17th, giving it an "overweight" rating and a $33.00 price target. HC Wainwright raised its target from $26.00 to $35.00, reaffirming a "buy" rating on the same day. Cantor Fitzgerald also maintained an "overweight" rating with a $35.00 price target noted in a research report on January 7th. Lastly, Canaccord Genuity Group increased its price target from $22.00 to $32.00 while issuing a "buy" rating on November 14th. Nine investment analysts currently have a consensus rating of "Buy" on Hut 8, with an average price target of $33.00.

• Analyzing Hut 8 Corp.'s Earnings and Future Prospects

Check Our Latest Report on Hut 8's Stock Performance

Hut 8 Stock Performance Overview

As of Friday, Hut 8 shares opened at $20.47. The stock has experienced a one-year low of $6.77 and a high of $31.95. The company displays a current ratio of 1.00, a quick ratio of 1.00, and a debt-to-equity ratio of 0.35. Additionally, Hut 8's 50-day moving average price stands at $23.82, while its 200-day moving average price is $18.23.

About Hut 8 Corp.

(Free Report)

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Hut 8 Corp., along with its subsidiaries, focuses on acquiring, building, managing, and operating data centers dedicated to digital asset mining, computing, and artificial intelligence in the U.S. The company operates in four primary segments: Digital Assets Mining, Managed Services, High-Performance Computing Colocation and Cloud, and Others.

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