Federated Hermes Inc. Buys Shares of 42,729 Hut 8 Corp. (NASDAQ:HUT)

Federated Hermes Inc. bought a new position in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 42,729 shares of the company's stock, valued at approximately $876,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC raised its holdings in Hut 8 by 77.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company's stock valued at $26,000 after acquiring an additional 545 shares in the last quarter. R Squared Ltd purchased a new stake in shares of Hut 8 during the 4th quarter worth $26,000. Russell Investments Group Ltd. grew its stake in shares of Hut 8 by 832.4% during the fourth quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company's stock worth $42,000 after purchasing an additional 1,823 shares in the last quarter. Principal Securities Inc. purchased a new position in Hut 8 in the fourth quarter valued at $45,000. Finally, CIBC Private Wealth Group LLC acquired a new stake in Hut 8 in the fourth quarter valued at $57,000. Hedge funds and other institutional investors own 31.75% of the company's stock.

Hut 8 Trading Down 4.9 %

Shares of NASDAQ:HUT traded down $0.55 during trading on Monday, reaching $10.64. The company had a trading volume of 5,040,416 shares, compared to its average volume of 5,362,820. 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 stock's fifty day moving average price is $13.68 and its 200 day moving average price is $18.96. Hut 8 Corp. has a fifty-two week low of $7.67 and a fifty-two week high of $31.95.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on HUT shares. Keefe, Bruyette & Woods initiated coverage on Hut 8 in a research report on Wednesday, January 8th. They set an "outperform" rating on the stock. Cantor Fitzgerald restated an "overweight" rating and issued a $30.00 target price on shares of Hut 8 in a report on Friday, March 7th. Canaccord Genuity Group reiterated a "buy" rating and set a $32.00 price target on shares of Hut 8 in a research note on Tuesday, March 4th. Needham & Company LLC reaffirmed a "buy" rating and set a $30.00 price objective on shares of Hut 8 in a report on Tuesday, March 4th. Finally, Benchmark reduced their target price on Hut 8 from $41.00 to $33.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. Twelve research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $27.67.

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.