JPMorgan Chase & Co. Purchases 60,542 Shares of Hut 8 Corp. (NASDAQ:HUT)

JPMorgan Chase & Co. lifted its holdings in Hut 8 Corp. (NASDAQ:HUT - Free Report) by 23.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 322,927 shares of the company's stock after purchasing an additional 60,542 shares during the period. JPMorgan Chase & Co. owned 0.35% of Hut 8 worth $6,617,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Advantage Alpha Capital Partners LP bought a new position in shares of Hut 8 in the fourth quarter valued at approximately $240,000. Vanguard Group Inc. boosted its holdings in Hut 8 by 3.9% during the fourth quarter. Vanguard Group Inc. now owns 6,459,385 shares of the company's stock valued at $132,352,000 after acquiring an additional 245,113 shares during the period. LPL Financial LLC boosted its holdings in Hut 8 by 4.5% during the fourth quarter. LPL Financial LLC now owns 41,019 shares of the company's stock valued at $840,000 after acquiring an additional 1,777 shares during the period. Intech Investment Management LLC grew its position in shares of Hut 8 by 239.2% in the fourth quarter. Intech Investment Management LLC now owns 36,816 shares of the company's stock valued at $754,000 after purchasing an additional 25,963 shares during the last quarter. Finally, Ninepoint Partners LP increased its stake in shares of Hut 8 by 24.4% in the fourth quarter. Ninepoint Partners LP now owns 74,850 shares of the company's stock worth $1,534,000 after purchasing an additional 14,700 shares during the period. 31.75% of the stock is owned by institutional investors and hedge funds.

Hut 8 Price Performance

NASDAQ HUT traded down $0.55 during trading hours on Monday, reaching $10.64. 5,040,176 shares of the company's stock were exchanged, compared to its average volume of 5,362,756. The firm has a fifty day moving average of $13.88 and a 200-day moving average of $18.97. 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 one year low of $7.67 and a one year high of $31.95.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on HUT. Rosenblatt Securities initiated coverage on Hut 8 in a report on Friday, March 7th. They issued a "buy" rating and a $23.00 target price on the stock. UBS Group set a $33.00 target price on shares of Hut 8 in a research report on Wednesday, April 2nd. Cantor Fitzgerald restated an "overweight" rating and issued a $30.00 price target on shares of Hut 8 in a research report on Friday, March 7th. Northland Securities assumed coverage on shares of Hut 8 in a research report on Monday. They set an "outperform" rating and a $20.00 price objective for the company. Finally, Canaccord Genuity Group reissued a "buy" rating and set a $32.00 target price on shares of Hut 8 in a research report on Tuesday, March 4th. Twelve equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Hut 8 presently has an average rating of "Buy" and an average price target 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.