Ninepoint Partners LP Increases Stake in Hut 8 Corp. (NASDAQ:HUT)

Ninepoint Partners LP boosted its position in shares of Hut 8 Corp. (NASDAQ:HUT) by 24.4% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 74,850 shares of the company’s stock after purchasing an additional 14,700 shares during the quarter. Ninepoint Partners LP owned about 0.08% of Hut 8 worth $1,534,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

A number of brokerages have recently issued reports on HUT. HC Wainwright dropped their price target on shares of Hut 8 from $35.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. Keefe, Bruyette & Woods assumed coverage on shares of Hut 8 in a report on Wednesday, January 8th. They set an “outperform” rating on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $30.00 price objective on shares of Hut 8 in a research note on Tuesday, March 4th. Benchmark reiterated a “buy” rating and issued a $41.00 price objective on shares of Hut 8 in a research note on Tuesday, January 7th. Finally, Rosenblatt Securities assumed coverage on shares of Hut 8 in a research note on Friday, March 7th. They issued a “buy” rating and a $23.00 price objective on the stock. Ten equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Hut 8 presently has a consensus rating of “Buy” and a consensus price target of $29.89.

Hut 8 Stock Performance

NASDAQ HUT opened at $12.62 on Friday. Hut 8 Corp. has a 12 month low of $6.95 and a 12 month high of $31.95. The company’s 50 day moving average is $19.85 and its two-hundred day moving average is $18.74. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00.

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.