Ninepoint Partners LP Purchases 14,700 Shares of Hut 8 Corp. (NASDAQ:HUT)

Ninepoint Partners LP grew its stake in shares of Hut 8 Corp. (NASDAQ:HUT) by 24.4% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 74,850 shares of the company’s stock after purchasing an additional 14,700 shares during the quarter. Ninepoint Partners LP’s holdings in Hut 8 were worth $1,534,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Swiss National Bank raised its position in shares of Hut 8 by 2.7% during the fourth quarter. Swiss National Bank now owns 161,240 shares of the company’s stock valued at $3,304,000 after buying an additional 4,300 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Hut 8 by 9.4% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 891,830 shares of the company’s stock valued at $18,242,000 after buying an additional 76,299 shares during the last quarter. Amundi bought a new stake in shares of Hut 8 during the fourth quarter valued at approximately $196,000. Arizona State Retirement System raised its position in shares of Hut 8 by 2.8% during the fourth quarter. Arizona State Retirement System now owns 23,764 shares of the company’s stock valued at $487,000 after buying an additional 637 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Hut 8 by 21.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,011,692 shares of the company’s stock valued at $20,730,000 after buying an additional 178,527 shares during the last quarter. Institutional investors own 31.75% of the company’s stock.

Hut 8 Price Performance

NASDAQ HUT opened at $12.62 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. The company has a fifty day moving average of $19.85 and a two-hundred day moving average of $18.74. Hut 8 Corp. has a 52 week low of $6.95 and a 52 week high of $31.95.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Rosenblatt Securities assumed coverage on shares of Hut 8 in a research report on Friday, March 7th. They set a “buy” rating and a $23.00 price objective on the stock. Benchmark reissued a “buy” rating and issued a $41.00 target price on shares of Hut 8 in a report on Tuesday, January 7th. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 target price on shares of Hut 8 in a report on Friday, March 7th. Keefe, Bruyette & Woods assumed coverage on shares of Hut 8 in a report on Wednesday, January 8th. They issued an “outperform” rating for the company. Finally, Piper Sandler assumed coverage on shares of Hut 8 in a report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 target price for the company. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus 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.