Charles Schwab Investment Management Inc. Has $20.73 Million Stock Position in Hut 8 Corp. (NASDAQ:HUT)

Charles Schwab Investment Management Inc. increased its stake in Hut 8 Corp. (NASDAQ:HUT - Free Report) by 21.4% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,011,692 shares of the company's stock after acquiring an additional 178,527 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 1.08% of Hut 8 worth $20,730,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. SBI Securities Co. Ltd. purchased a new stake in Hut 8 in the 4th quarter worth about $128,000. Central Asset Investments & Management Holdings HK Ltd purchased a new stake in shares of Hut 8 in the fourth quarter worth approximately $471,000. Bank of New York Mellon Corp boosted its holdings in shares of Hut 8 by 2.7% during the fourth quarter. Bank of New York Mellon Corp now owns 245,240 shares of the company's stock worth $5,025,000 after purchasing an additional 6,400 shares during the period. Sigma Planning Corp purchased a new position in Hut 8 during the fourth quarter valued at approximately $451,000. Finally, Global Retirement Partners LLC increased its stake in Hut 8 by 80.3% in the 4th quarter. Global Retirement Partners LLC now owns 9,428 shares of the company's stock valued at $193,000 after buying an additional 4,200 shares during the period. 31.75% of the stock is owned by institutional investors and hedge funds.

Hut 8 Trading Down 1.6 %

Shares of NASDAQ:HUT traded down $0.21 during trading on Friday, reaching $12.71. The stock had a trading volume of 1,143,026 shares, compared to its average volume of 5,125,303. The stock has a fifty day simple moving average of $18.90 and a two-hundred day simple moving average of $18.75. 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 52 week low of $6.95 and a 52 week high of $31.95.

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Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. HC Wainwright lowered their price target on shares of Hut 8 from $35.00 to $30.00 and set a "buy" rating on the stock in a report on Tuesday, March 4th. Needham & Company LLC reaffirmed a "buy" rating and issued a $30.00 target price on shares of Hut 8 in a research report on Tuesday, March 4th. Piper Sandler initiated coverage on Hut 8 in a research note on Tuesday, December 17th. They set an "overweight" rating and a $33.00 price target for the company. Cantor Fitzgerald reissued an "overweight" rating and issued a $30.00 price target on shares of Hut 8 in a research note on Friday, March 7th. Finally, 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. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $29.89.

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.