Swiss National Bank Purchases 4,300 Shares of Hut 8 Corp. (NASDAQ:HUT)

Swiss National Bank raised its holdings in Hut 8 Corp. (NASDAQ:HUT) by 2.7% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 161,240 shares of the company’s stock after purchasing an additional 4,300 shares during the period. Swiss National Bank’s holdings in Hut 8 were worth $3,304,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in HUT. Paloma Partners Management Co acquired a new stake in Hut 8 in the 3rd quarter valued at $834,000. State Street Corp grew its holdings in shares of 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 purchasing an additional 307,292 shares during the last quarter. MetLife Investment Management LLC increased its position in shares of Hut 8 by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 46,719 shares of the company’s stock worth $573,000 after purchasing an additional 26,324 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Hut 8 by 21.1% during the 3rd 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 during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in Hut 8 by 9.4% in 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 in the last quarter. Institutional investors and hedge funds own 31.75% of the company’s stock.

Hut 8 Trading Down 5.3 %

Shares of NASDAQ HUT opened at $12.93 on Thursday. 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 firm’s 50-day moving average is $18.04 and its 200-day moving average is $18.93. Hut 8 Corp. has a 1 year low of $6.95 and a 1 year high of $31.95.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on HUT shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price objective on shares of Hut 8 in a report on Friday, March 7th. Rosenblatt Securities began coverage on Hut 8 in a research report on Friday, March 7th. They issued a “buy” rating and a $23.00 price objective for the company. Benchmark reissued a “buy” rating and issued a $41.00 price objective on shares of Hut 8 in a research note on Tuesday, January 7th. Canaccord Genuity Group restated a “buy” rating and issued a $32.00 target price on shares of Hut 8 in a research note on Tuesday, March 4th. Finally, Keefe, Bruyette & Woods initiated coverage on shares of Hut 8 in a research report on Wednesday, January 8th. They set an “outperform” rating on the stock. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Hut 8 has an average rating of “Buy” and a consensus target price of $29.89.

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.