Corebridge Financial Inc. Reduces Position in Hut 8 Corp. (NASDAQ:HUT)

Corebridge Financial Inc. trimmed its stake in Hut 8 Corp. (NASDAQ:HUT) by 7.0% in the 4th quarter, HoldingsChannel reports. The firm owned 40,275 shares of the company’s stock after selling 3,041 shares during the period. Corebridge Financial Inc.’s holdings in Hut 8 were worth $825,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the stock. State Street Corp lifted its holdings in Hut 8 by 12.6% during the third quarter. State Street Corp now owns 2,740,769 shares of the company’s stock valued at $33,602,000 after purchasing an additional 307,292 shares in the last quarter. MetLife Investment Management LLC raised its position in shares of Hut 8 by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 46,719 shares of the company’s stock valued at $573,000 after purchasing an additional 26,324 shares during the period. Geode Capital Management LLC boosted its holdings in Hut 8 by 21.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock worth $26,902,000 after buying an additional 381,720 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its stake in Hut 8 by 9.4% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 891,830 shares of the company’s stock worth $18,242,000 after buying an additional 76,299 shares in the last quarter. Finally, Barclays PLC raised its holdings in Hut 8 by 29.7% during the third quarter. Barclays PLC now owns 124,527 shares of the company’s stock valued at $1,526,000 after acquiring an additional 28,532 shares during the period. 31.75% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on HUT shares. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 target price on shares of Hut 8 in a research report on Friday, March 7th. Benchmark cut their price objective on shares of Hut 8 from $41.00 to $33.00 and set a “buy” rating for the company in a report on Wednesday. Canaccord Genuity Group reissued a “buy” rating and issued a $32.00 target price on shares of Hut 8 in a report on Tuesday, March 4th. Piper Sandler assumed coverage on shares of Hut 8 in a research note on Tuesday, December 17th. They set an “overweight” rating and a $33.00 target price for the company. Finally, HC Wainwright decreased their price target on shares of Hut 8 from $35.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Hut 8 has a consensus rating of “Buy” and an average price target of $29.00.

Hut 8 Price Performance

Shares of NASDAQ HUT opened at $11.39 on Friday. Hut 8 Corp. has a 12-month low of $6.95 and a 12-month high of $31.95. 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 firm’s 50-day moving average price is $16.08 and its 200-day moving average price is $19.00.

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.