Intech Investment Management LLC Acquires 25,963 Shares of Hut 8 Corp. (NASDAQ:HUT)

Intech Investment Management LLC raised its stake in shares of Hut 8 Corp. (NASDAQ:HUT) by 239.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 36,816 shares of the company’s stock after acquiring an additional 25,963 shares during the quarter. Intech Investment Management LLC’s holdings in Hut 8 were worth $754,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in HUT. Ninepoint Partners LP boosted its holdings in shares of Hut 8 by 24.4% in the 4th quarter. Ninepoint Partners LP now owns 74,850 shares of the company’s stock valued at $1,534,000 after buying an additional 14,700 shares in the last quarter. Swiss National Bank lifted its position in Hut 8 by 2.7% during the fourth quarter. Swiss National Bank now owns 161,240 shares of the company’s stock valued at $3,304,000 after acquiring an additional 4,300 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake 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 acquiring an additional 76,299 shares in the last quarter. Amundi purchased a new position in Hut 8 in the fourth quarter worth $196,000. Finally, Arizona State Retirement System increased its position in shares of Hut 8 by 2.8% during the fourth quarter. Arizona State Retirement System now owns 23,764 shares of the company’s stock worth $487,000 after purchasing an additional 637 shares in the last quarter. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on HUT shares. Benchmark restated a “buy” rating and set a $41.00 target price on shares of Hut 8 in a research note on Tuesday, January 7th. Needham & Company LLC restated a “buy” rating and set a $30.00 price objective on shares of Hut 8 in a report on Tuesday, March 4th. HC Wainwright lowered their target price 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. Rosenblatt Securities began coverage on shares of Hut 8 in a research note on Friday, March 7th. They set a “buy” rating and a $23.00 price target on the stock. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $32.00 price objective on shares of Hut 8 in a research note on Tuesday, March 4th. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $29.89.

Hut 8 Price Performance

NASDAQ HUT opened at $12.90 on Monday. Hut 8 Corp. has a 1 year low of $6.95 and a 1 year high of $31.95. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. The company has a fifty day moving average of $18.69 and a 200 day moving average of $18.91.

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.