Intech Investment Management LLC Acquires 25,963 Shares of Hut 8 Corp. (NASDAQ:HUT)

Intech Investment Management LLC boosted its stake in Hut 8 Corp. (NASDAQ:HUT - Free Report) by 239.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 36,816 shares of the company's stock after buying an additional 25,963 shares during the quarter. Intech Investment Management LLC's holdings in Hut 8 were worth $754,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of HUT. Nisa Investment Advisors LLC raised its position 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 acquiring an additional 545 shares in the last quarter. Arizona State Retirement System lifted its stake in shares of Hut 8 by 2.8% in the 4th quarter. Arizona State Retirement System now owns 23,764 shares of the company's stock valued at $487,000 after purchasing an additional 637 shares during the last quarter. Foundations Investment Advisors LLC boosted its holdings in Hut 8 by 1.9% in the fourth quarter. Foundations Investment Advisors LLC now owns 50,687 shares of the company's stock worth $1,039,000 after purchasing an additional 932 shares in the last quarter. R Squared Ltd acquired a new position in Hut 8 during the fourth quarter worth $26,000. Finally, New York State Common Retirement Fund increased its position in Hut 8 by 5.6% during the fourth quarter. New York State Common Retirement Fund now owns 27,140 shares of the company's stock worth $556,000 after buying an additional 1,440 shares during the last quarter. Institutional investors and hedge funds own 31.75% of the company's stock.

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Wall Street Analyst Weigh In

Several analysts have recently issued reports on HUT shares. Cantor Fitzgerald reiterated an "overweight" rating and set a $30.00 price target on shares of Hut 8 in a research note on Friday, March 7th. Piper Sandler started coverage on Hut 8 in a research report on Tuesday, December 17th. They set an "overweight" rating and a $33.00 target price for the company. Rosenblatt Securities assumed coverage on shares of Hut 8 in a research report on Friday, March 7th. They issued a "buy" rating and a $23.00 price target on the stock. 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, Canaccord Genuity Group reiterated a "buy" rating and issued a $32.00 target price on shares of Hut 8 in a report on Tuesday, March 4th. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $29.89.

Hut 8 Stock Down 2.9 %

HUT stock traded down $0.41 during trading on Tuesday, reaching $13.54. 1,832,079 shares of the stock were exchanged, compared to its average volume of 5,146,828. The stock has a 50 day simple moving average of $18.51 and a 200-day simple moving average of $18.94. 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 twelve month low of $6.95 and a twelve month high of $31.95.

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.