Northern Right Capital Management L.P. Acquires 38,348 Shares of Hut 8 Corp. (NASDAQ:HUT)

Northern Right Capital Management L.P. lifted its holdings in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) by 9.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 455,000 shares of the company's stock after buying an additional 38,348 shares during the period. Hut 8 comprises 3.4% of Northern Right Capital Management L.P.'s investment portfolio, making the stock its 12th biggest holding. Northern Right Capital Management L.P. owned approximately 0.49% of Hut 8 worth $9,323,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of HUT. Vanguard Group Inc. increased its position in Hut 8 by 3.9% during the fourth quarter. Vanguard Group Inc. now owns 6,459,385 shares of the company's stock worth $132,352,000 after buying an additional 245,113 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Hut 8 by 21.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company's stock valued at $26,902,000 after acquiring an additional 381,720 shares during the period. BIT Capital GmbH lifted its stake in shares of Hut 8 by 11.5% during the fourth quarter. BIT Capital GmbH now owns 1,818,456 shares of the company's stock worth $37,260,000 after purchasing an additional 187,773 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Hut 8 in the fourth quarter worth about $23,009,000. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Hut 8 by 21.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,011,692 shares of the company's stock worth $20,730,000 after buying an additional 178,527 shares during the period. 31.75% of the stock is owned by hedge funds and other institutional investors.

Hut 8 Price Performance

Shares of HUT traded down $0.06 on Tuesday, hitting $13.05. The company's stock had a trading volume of 3,023,505 shares, compared to its average volume of 5,422,890. The company has a 50 day moving average price of $12.93 and a 200 day moving average price of $19.01. 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 fifty-two week low of $7.67 and a fifty-two week high of $31.95.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on HUT. Cantor Fitzgerald reissued an "overweight" rating and issued a $30.00 price target on shares of Hut 8 in a report on Friday, March 7th. Rosenblatt Securities assumed coverage on shares of Hut 8 in a report on Friday, March 7th. They set a "buy" rating and a $23.00 price target on the stock. Northland Securities assumed coverage on shares of Hut 8 in a research report on Monday, April 21st. They set an "outperform" rating and a $20.00 price objective on the stock. Northland Capmk upgraded shares of Hut 8 to a "strong-buy" rating in a report on Monday, April 21st. Finally, HC Wainwright dropped their price objective on Hut 8 from $35.00 to $30.00 and set a "buy" rating on the stock in a research note on Tuesday, March 4th. Twelve equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $27.67.

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.