Modern Wealth Management LLC Makes New Investment in Hut 8 Corp. $HUT

Modern Wealth Management LLC purchased a new stake in shares of Hut 8 Corp. (NASDAQ:HUT) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 15,752 shares of the company’s stock, valued at approximately $548,000.

Several other large investors have also recently made changes to their positions in HUT. Rhumbline Advisers boosted its stake in shares of Hut 8 by 19.4% in the 2nd quarter. Rhumbline Advisers now owns 146,356 shares of the company’s stock valued at $2,722,000 after purchasing an additional 23,753 shares in the last quarter. Tobam raised its position in Hut 8 by 48.9% in the 2nd quarter. Tobam now owns 34,945 shares of the company’s stock worth $650,000 after purchasing an additional 11,482 shares during the period. Paradiem LLC bought a new stake in Hut 8 in the third quarter worth $1,652,000. Harvest Portfolios Group Inc. lifted its stake in Hut 8 by 75.3% in the third quarter. Harvest Portfolios Group Inc. now owns 85,093 shares of the company’s stock worth $2,962,000 after purchasing an additional 36,543 shares during the last quarter. Finally, Steadview Capital Management LLC purchased a new stake in Hut 8 during the third quarter valued at about $985,000. 31.75% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

HUT has been the topic of a number of recent research reports. Canaccord Genuity Group raised their price objective on Hut 8 from $62.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Wall Street Zen cut Hut 8 from a “hold” rating to a “sell” rating in a report on Saturday, February 28th. Rosenblatt Securities restated a “buy” rating and set a $65.00 price target on shares of Hut 8 in a research report on Thursday, February 26th. Craig Hallum reaffirmed a “buy” rating and issued a $80.00 price target on shares of Hut 8 in a research note on Thursday, December 18th. Finally, B. Riley Financial boosted their price objective on Hut 8 from $61.00 to $76.00 and gave the company a “buy” rating in a research report on Friday, January 9th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, Hut 8 currently has an average rating of “Moderate Buy” and an average target price of $65.56.

Hut 8 Price Performance

HUT stock opened at $48.74 on Tuesday. The stock has a market capitalization of $5.40 billion, a price-to-earnings ratio of -21.01 and a beta of 4.42. The firm’s 50-day moving average price is $55.09 and its two-hundred day moving average price is $45.38. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.12. Hut 8 Corp. has a 12-month low of $10.04 and a 12-month high of $66.07.

Hut 8 Profile

Hut 8 Corp., trading on the Nasdaq under the symbol HUT, is a North American digital infrastructure company specializing in cryptocurrency mining and high‐performance computing. Founded in 2017 and headquartered in Toronto, Canada, Hut 8 operates purpose‐built data centers that house fleets of specialized ASIC and GPU servers. Through its flagship mining facilities in Alberta and Ontario, the company leverages low‐cost, low‐carbon power sources—such as hydroelectric and natural gas—to support sustainable bitcoin production.