Wellington Management Group LLP Boosts Position in Hut 8 Corp. (NASDAQ:HUT)

Wellington Management Group LLP lifted its holdings in shares of Hut 8 Corp. (NASDAQ:HUT) by 203.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,125,958 shares of the company’s stock after purchasing an additional 754,891 shares during the quarter. Wellington Management Group LLP owned 2.54% of Hut 8 worth $2,224,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of HUT. Van ECK Associates Corp lifted its position in Hut 8 by 15.7% in the 3rd quarter. Van ECK Associates Corp now owns 2,198,471 shares of the company’s stock worth $4,287,000 after buying an additional 297,552 shares during the last quarter. GSG Advisors LLC bought a new stake in Hut 8 in the 3rd quarter worth approximately $273,000. SteelPeak Wealth LLC bought a new stake in Hut 8 in the 3rd quarter worth approximately $393,000. Qube Research & Technologies Ltd bought a new stake in Hut 8 in the 3rd quarter worth approximately $3,429,000. Finally, SageView Advisory Group LLC lifted its position in Hut 8 by 76.1% in the second quarter. SageView Advisory Group LLC now owns 30,652 shares of the company’s stock valued at $101,000 after purchasing an additional 13,250 shares during the last quarter. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Hut 8 Price Performance

Shares of Hut 8 stock opened at $9.86 on Thursday. The company has a quick ratio of 4.61, a current ratio of 4.61 and a debt-to-equity ratio of 0.04. The company has a market cap of $437.29 million, a PE ratio of -3.59 and a beta of 3.86. The business has a 50 day moving average of $8.18 and a 200 day moving average of $6.43. Hut 8 Corp. has a 52 week low of $6.18 and a 52 week high of $22.75.

Analyst Upgrades and Downgrades

Several analysts have weighed in on HUT shares. HC Wainwright reiterated a “sell” rating and issued a $7.00 price objective on shares of Hut 8 in a research report on Tuesday, February 27th. Needham & Company LLC started coverage on Hut 8 in a research report on Monday, March 18th. They issued a “buy” rating and a $12.00 price objective for the company. Finally, Stifel Nicolaus boosted their price objective on Hut 8 from $3.25 to $15.00 and gave the company a “speculative buy” rating in a research report on Monday, January 8th.

About Hut 8

Hut 8 Corp. provides digital asset mining and high-performance computing infrastructure solutions in Canada. It operates computing infrastructure sites mines Bitcoin, as well as delivers cloud, colocation, and computing services to enterprise customers. The company was founded in 2017 and is based in Miami, Florida.