Helix Partners Management LP Takes $3.99 Million Position in Hut 8 Corp. (NASDAQ:HUT)

Helix Partners Management LP purchased a new position in Hut 8 Corp. (NASDAQ:HUT) during the 4th quarter, Holdings Channel.com reports. The firm purchased 194,489 shares of the company’s stock, valued at approximately $3,985,000. Hut 8 accounts for about 0.7% of Helix Partners Management LP’s holdings, making the stock its 11th largest position.

Other hedge funds also recently bought and sold shares of the company. Nisa Investment Advisors LLC lifted its position in Hut 8 by 77.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock worth $26,000 after buying an additional 545 shares during the last quarter. R Squared Ltd bought a new stake in Hut 8 in the fourth quarter worth about $26,000. Principal Securities Inc. purchased a new position in shares of Hut 8 during the fourth quarter valued at approximately $45,000. CIBC Private Wealth Group LLC bought a new position in shares of Hut 8 during the fourth quarter valued at approximately $57,000. Finally, KBC Group NV purchased a new stake in shares of Hut 8 in the fourth quarter worth approximately $69,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Hut 8 Price Performance

NASDAQ:HUT opened at $13.39 on Thursday. The firm’s fifty day moving average is $16.64 and its two-hundred day moving average is $18.99. Hut 8 Corp. has a one year low of $6.95 and a one year high of $31.95. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35.

Analysts Set New Price Targets

Several research firms have issued reports on HUT. Needham & Company LLC reissued a “buy” rating and issued a $30.00 price objective on shares of Hut 8 in a research report on Tuesday, March 4th. Keefe, Bruyette & Woods started coverage on Hut 8 in a research note on Wednesday, January 8th. They set an “outperform” rating on the stock. HC Wainwright lowered their price objective on shares of Hut 8 from $35.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. Piper Sandler initiated coverage on shares of Hut 8 in a research note on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price objective for the company. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 target price on shares of Hut 8 in a research report on Friday, March 7th. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $29.00.

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.