Hut 8 Corp. (NASDAQ:HUT) Shares Purchased by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) by 9.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 891,830 shares of the company's stock after acquiring an additional 76,299 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.95% of Hut 8 worth $18,242,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Nisa Investment Advisors LLC lifted its stake in Hut 8 by 77.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company's stock worth $26,000 after purchasing an additional 545 shares in the last quarter. R Squared Ltd acquired a new stake in shares of Hut 8 in the fourth quarter valued at approximately $26,000. Principal Securities Inc. purchased a new position in Hut 8 during the fourth quarter worth approximately $45,000. KBC Group NV purchased a new position in Hut 8 during the fourth quarter worth approximately $69,000. Finally, SBI Securities Co. Ltd. acquired a new position in Hut 8 during the fourth quarter worth $128,000. Hedge funds and other institutional investors own 31.75% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. HC Wainwright cut their target price on Hut 8 from $35.00 to $30.00 and set a "buy" rating for the company in a research note on Tuesday, March 4th. Canaccord Genuity Group restated a "buy" rating and issued a $32.00 price objective on shares of Hut 8 in a report on Tuesday, March 4th. Piper Sandler initiated 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. Benchmark reiterated a "buy" rating and set a $41.00 price target on shares of Hut 8 in a research report on Tuesday, January 7th. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $30.00 price objective on shares of Hut 8 in a report on Friday, March 7th. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Hut 8 presently has a consensus rating of "Buy" and a consensus price target of $29.89.

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Hut 8 Price Performance

NASDAQ:HUT traded up $0.33 during trading hours on Monday, reaching $12.95. 3,187,626 shares of the company's stock were exchanged, compared to its average volume of 5,147,624. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. Hut 8 Corp. has a 1-year low of $6.95 and a 1-year high of $31.95. The company has a 50-day moving average of $19.85 and a 200 day moving average of $18.80.

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.