Vanguard Group Inc. Raises Holdings in Hut 8 Corp. (NASDAQ:HUT)

Vanguard Group Inc. raised its position in shares of Hut 8 Corp. (NASDAQ:HUT) by 3.9% in the fourth quarter, Holdings Channel.com reports. The fund owned 6,459,385 shares of the company’s stock after buying an additional 245,113 shares during the quarter. Vanguard Group Inc. owned about 0.07% of Hut 8 worth $132,352,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in HUT. R Squared Ltd purchased a new stake in shares of Hut 8 during the 4th quarter worth about $26,000. Nisa Investment Advisors LLC lifted its position in Hut 8 by 77.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock valued at $26,000 after buying an additional 545 shares in the last quarter. Principal Securities Inc. purchased a new stake in Hut 8 during the fourth quarter worth approximately $45,000. KBC Group NV acquired a new stake in shares of Hut 8 in the fourth quarter worth $69,000. Finally, SBI Securities Co. Ltd. acquired a new stake in shares of Hut 8 in the fourth quarter worth $128,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Hut 8 Price Performance

Shares of HUT opened at $11.43 on Tuesday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. The business’s 50 day moving average is $15.91 and its two-hundred day moving average is $19.05. Hut 8 Corp. has a 52-week low of $6.95 and a 52-week high of $31.95.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price target on shares of Hut 8 in a research report on Friday, March 7th. Keefe, Bruyette & Woods initiated coverage on Hut 8 in a research report on Wednesday, January 8th. They issued an “outperform” rating for the company. Piper Sandler assumed coverage on Hut 8 in a research note on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 target price for the company. Benchmark reduced their price target on Hut 8 from $41.00 to $33.00 and set a “buy” rating on the stock in a research report on Wednesday, April 2nd. Finally, UBS Group set a $33.00 price objective on shares of Hut 8 in a research report on Wednesday, April 2nd. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $29.40.

Hut 8 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.