Connor Clark & Lunn Investment Management Ltd. Buys 76,299 Shares of Hut 8 Corp. (NASDAQ:HUT)

Connor Clark & Lunn Investment Management Ltd. increased its stake in Hut 8 Corp. (NASDAQ:HUT) by 9.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 891,830 shares of the company’s stock after purchasing an additional 76,299 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.95% of Hut 8 worth $18,242,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Nisa Investment Advisors LLC increased its stake in Hut 8 by 77.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock worth $26,000 after buying an additional 545 shares in the last quarter. R Squared Ltd purchased a new stake in Hut 8 in the 4th quarter worth $26,000. Principal Securities Inc. purchased a new stake in Hut 8 in the 4th quarter worth $45,000. KBC Group NV purchased a new stake in Hut 8 in the 4th quarter worth $69,000. Finally, SBI Securities Co. Ltd. purchased a new stake in Hut 8 in the 4th quarter worth $128,000. 31.75% of the stock is owned by institutional investors.

Hut 8 Trading Down 3.6 %

HUT opened at $11.71 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. Hut 8 Corp. has a 12 month low of $6.95 and a 12 month high of $31.95. The stock has a 50-day moving average of $20.08 and a 200 day moving average of $18.69.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on HUT shares. Canaccord Genuity Group reiterated a “buy” rating and issued a $32.00 price target on shares of Hut 8 in a research note on Tuesday, March 4th. Craig Hallum raised their price objective on Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. HC Wainwright cut their price objective on Hut 8 from $35.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. Benchmark restated a “buy” rating and set a $41.00 price objective on shares of Hut 8 in a research report on Tuesday, January 7th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price objective on shares of Hut 8 in a research report on Friday, March 7th. Ten research analysts have rated the stock with a buy rating, According to MarketBeat.com, Hut 8 has a consensus rating of “Buy” and a consensus target price of $29.89.

Hut 8 Company 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.