Hut 8 Corp. (NASDAQ:HUT) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. decreased its stake in Hut 8 Corp. (NASDAQ:HUT) by 81.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 262,385 shares of the company’s stock after selling 1,158,744 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.28% of Hut 8 worth $3,217,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of HUT. Capital Performance Advisors LLP purchased a new stake in Hut 8 during the 3rd quarter valued at about $40,000. Amalgamated Bank acquired a new position in shares of Hut 8 during the 2nd quarter worth approximately $42,000. Intech Investment Management LLC purchased a new stake in shares of Hut 8 in the third quarter valued at approximately $133,000. Victory Capital Management Inc. acquired a new stake in shares of Hut 8 in the second quarter valued at approximately $154,000. Finally, XTX Topco Ltd purchased a new position in Hut 8 during the third quarter worth approximately $162,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Hut 8 Stock Up 1.2 %

Shares of HUT opened at $26.92 on Monday. Hut 8 Corp. has a 1-year low of $6.18 and a 1-year high of $31.95. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a 50 day simple moving average of $25.12 and a 200-day simple moving average of $17.64.

Analysts Set New Price Targets

A number of brokerages recently issued reports on HUT. Cantor Fitzgerald reissued an “overweight” rating and set a $35.00 price objective on shares of Hut 8 in a research report on Tuesday, January 7th. Canaccord Genuity Group lifted their price target on shares of Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. HC Wainwright upped their price objective on shares of Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Stifel Nicolaus lifted their target price on shares of Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a report on Wednesday, October 30th. Finally, Piper Sandler started coverage on Hut 8 in a research report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 target price on the stock. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $33.00.

Hut 8 Company 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.