Hut 8 Corp. (NASDAQ:HUT) Shares Sold by Archer Investment Corp

Archer Investment Corp decreased its holdings in Hut 8 Corp. (NASDAQ:HUT) by 80.0% in the fourth quarter, Holdings Channel reports. The firm owned 5,577 shares of the company’s stock after selling 22,311 shares during the period. Archer Investment Corp’s holdings in Hut 8 were worth $74,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in HUT. Engineers Gate Manager LP acquired a new stake in shares of Hut 8 in the 4th quarter worth $27,000. Quantbot Technologies LP acquired a new stake in Hut 8 during the 1st quarter worth about $28,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Hut 8 during the 2nd quarter worth about $28,000. Golden Green Inc. acquired a new stake in Hut 8 during the 3rd quarter worth about $29,000. Finally, Two Sigma Investments LP acquired a new stake in Hut 8 during the 4th quarter worth about $33,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

Hut 8 Stock Performance

NASDAQ HUT opened at $7.44 on Thursday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.61 and a current ratio of 4.61. Hut 8 Corp. has a fifty-two week low of $6.18 and a fifty-two week high of $22.75. The stock has a 50-day simple moving average of $8.69 and a two-hundred day simple moving average of $7.16. The firm has a market capitalization of $663.95 million, a P/E ratio of -2.71 and a beta of 3.91.

Analyst Ratings Changes

A number of analysts have commented on HUT shares. Needham & Company LLC reaffirmed a “buy” rating and set a $12.00 price target 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 research report on Friday, April 5th. Craig Hallum lifted 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. Stifel Nicolaus lifted 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. Finally, HC Wainwright lifted their price objective on Hut 8 from $7.00 to $9.00 and gave the company a “sell” rating in a research note on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Hut 8 has a consensus rating of “Hold” and a consensus target price of $12.40.

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.