Helix Partners Management LP Acquires New Position in Hut 8 Corp. (NASDAQ:HUT)

Helix Partners Management LP bought a new position in shares of Hut 8 Corp. (NASDAQ:HUT) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 194,489 shares of the company’s stock, valued at approximately $3,985,000. Hut 8 accounts for 0.7% of Helix Partners Management LP’s investment portfolio, making the stock its 11th biggest position. Helix Partners Management LP owned about 0.21% of Hut 8 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. State Street Corp boosted its holdings in Hut 8 by 12.6% in the 3rd quarter. State Street Corp now owns 2,740,769 shares of the company’s stock worth $33,602,000 after buying an additional 307,292 shares during the period. MetLife Investment Management LLC boosted its holdings in shares of Hut 8 by 129.1% in the third quarter. MetLife Investment Management LLC now owns 46,719 shares of the company’s stock worth $573,000 after acquiring an additional 26,324 shares during the period. Geode Capital Management LLC grew its position in shares of Hut 8 by 21.1% in the third quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock valued at $26,902,000 after purchasing an additional 381,720 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Hut 8 by 9.4% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 891,830 shares of the company’s stock valued at $18,242,000 after purchasing an additional 76,299 shares during the period. Finally, Barclays PLC raised its stake in shares of Hut 8 by 29.7% during the 3rd quarter. Barclays PLC now owns 124,527 shares of the company’s stock valued at $1,526,000 after purchasing an additional 28,532 shares during the period. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on HUT. Benchmark reduced their target price on Hut 8 from $41.00 to $33.00 and set a “buy” rating for the company in a report on Wednesday. HC Wainwright decreased their target price 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 initiated coverage on shares of Hut 8 in a report on Wednesday, January 8th. They issued an “outperform” rating for the company. Piper Sandler initiated coverage on shares of Hut 8 in a report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price target on the stock. Finally, Rosenblatt Securities began coverage on Hut 8 in a research note on Friday, March 7th. They set a “buy” rating and a $23.00 price objective for the company. Ten analysts have rated the stock with a buy rating, According to MarketBeat, Hut 8 presently has a consensus rating of “Buy” and an average price target of $29.00.

Hut 8 Trading Up 0.5 %

Hut 8 stock opened at $13.39 on Thursday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. The firm’s 50 day moving average price is $16.64 and its 200-day moving average price is $18.99. Hut 8 Corp. has a 1 year low of $6.95 and a 1 year high of $31.95.

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.