Westend Capital Management LLC Sells 492,660 Shares of Hut 8 Corp. (NASDAQ:HUT)

Westend Capital Management LLC lowered its position in Hut 8 Corp. (NASDAQ:HUT) by 99.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,280 shares of the company’s stock after selling 492,660 shares during the quarter. Westend Capital Management LLC’s holdings in Hut 8 were worth $88,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

HUT has been the topic of a number of research reports. Piper Sandler assumed coverage on Hut 8 in a report on Tuesday, December 17th. They set an “overweight” rating and a $33.00 price objective on the stock. Keefe, Bruyette & Woods started coverage on shares of Hut 8 in a research note on Wednesday, January 8th. They issued an “outperform” rating for the company. Craig Hallum lifted their target price on shares of Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Stifel Nicolaus upped their price target on shares of Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research report on Wednesday, October 30th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $35.00 price objective on shares of Hut 8 in a report on Tuesday, January 7th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat, Hut 8 currently has an average rating of “Buy” and an average target price of $33.00.

Hut 8 Stock Performance

Hut 8 stock opened at $26.92 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. The stock’s 50 day moving average is $25.12 and its 200 day moving average is $17.61. Hut 8 Corp. has a twelve month low of $6.18 and a twelve month high of $31.95.

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.