Canada Pension Plan Investment Board Acquires New Position in Hut 8 Corp. (NASDAQ:HUT)

Canada Pension Plan Investment Board bought a new stake in Hut 8 Corp. (NASDAQ:HUT - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 163,400 shares of the company's stock, valued at approximately $3,348,000. Canada Pension Plan Investment Board owned about 0.17% of Hut 8 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. R Squared Ltd purchased a new position in Hut 8 in the 4th quarter valued at about $26,000. Nisa Investment Advisors LLC raised its stake 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. Russell Investments Group Ltd. boosted its stake in Hut 8 by 832.4% in the fourth quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company's stock valued at $42,000 after acquiring an additional 1,823 shares during the period. Principal Securities Inc. acquired a new position in Hut 8 during the 4th quarter valued at about $45,000. Finally, Sterling Capital Management LLC raised its stake in shares of Hut 8 by 825.0% during the fourth quarter. Sterling Capital Management LLC now owns 2,553 shares of the company's stock valued at $52,000 after purchasing an additional 2,277 shares in the last quarter. 31.75% of the stock is owned by hedge funds and other institutional investors.

Hut 8 Stock Up 3.9 %

NASDAQ:HUT traded up $0.50 during trading hours on Friday, reaching $13.40. The company had a trading volume of 4,762,270 shares, compared to its average volume of 5,405,818. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. The firm's 50 day moving average price is $13.19 and its 200-day moving average price is $18.88. Hut 8 Corp. has a 52 week low of $7.67 and a 52 week high of $31.95.

Analyst Upgrades and Downgrades

Several research firms have issued reports on HUT. Northland Capmk upgraded Hut 8 to a "strong-buy" rating in a report on Monday. Keefe, Bruyette & Woods assumed coverage on shares of Hut 8 in a report on Wednesday, January 8th. They issued an "outperform" rating on the stock. Northland Securities initiated coverage on shares of Hut 8 in a research note on Monday. They issued an "outperform" rating and a $20.00 target price for the company. UBS Group set a $33.00 target price on shares of Hut 8 in a research report on Wednesday, April 2nd. Finally, Canaccord Genuity Group reissued a "buy" rating and set a $32.00 price target on shares of Hut 8 in a research report on Tuesday, March 4th. Twelve research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target of $27.67.

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.