Charles Schwab Investment Management Inc. Buys 178,527 Shares of Hut 8 Corp. (NASDAQ:HUT)

Charles Schwab Investment Management Inc. raised its position in Hut 8 Corp. (NASDAQ:HUT - Free Report) by 21.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,011,692 shares of the company's stock after buying an additional 178,527 shares during the period. Charles Schwab Investment Management Inc. owned 1.08% of Hut 8 worth $20,730,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. State Street Corp boosted its position in Hut 8 by 12.6% in the third quarter. State Street Corp now owns 2,740,769 shares of the company's stock valued at $33,602,000 after buying an additional 307,292 shares in the last quarter. JAT Capital Mgmt LP acquired a new position in shares of Hut 8 during the third quarter worth approximately $32,260,000. Geode Capital Management LLC lifted its position in shares of Hut 8 by 21.1% during the third quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company's stock worth $26,902,000 after purchasing an additional 381,720 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Hut 8 during the third quarter worth approximately $9,997,000. Finally, Walleye Capital LLC lifted its position in shares of Hut 8 by 179.7% during the third quarter. Walleye Capital LLC now owns 405,780 shares of the company's stock worth $4,975,000 after purchasing an additional 260,695 shares in the last quarter. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Hut 8 Price Performance

NASDAQ HUT traded down $0.02 during trading hours on Friday, hitting $12.90. The company's stock had a trading volume of 3,334,456 shares, compared to its average volume of 5,149,434. The stock has a fifty day moving average of $18.69 and a 200 day moving average of $18.84. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. Hut 8 Corp. has a twelve month low of $6.95 and a twelve month high of $31.95.

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Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on HUT. HC Wainwright reduced their target price on shares of Hut 8 from $35.00 to $30.00 and set a "buy" rating on the stock in a research report on Tuesday, March 4th. Keefe, Bruyette & Woods began coverage on shares of Hut 8 in a research report on Wednesday, January 8th. They set an "outperform" rating on the stock. Piper Sandler began coverage on shares of Hut 8 in a research report on Tuesday, December 17th. They set an "overweight" rating and a $33.00 target price on the stock. Canaccord Genuity Group reiterated a "buy" rating and set a $32.00 target price on shares of Hut 8 in a research report on Tuesday, March 4th. 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 analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $29.89.

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.