Hut 8 Corp. (NASDAQ:HUT) Shares Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp lifted its stake in Hut 8 Corp. (NASDAQ:HUT) by 2.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 245,240 shares of the company’s stock after purchasing an additional 6,400 shares during the quarter. Bank of New York Mellon Corp owned about 0.26% of Hut 8 worth $5,025,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. State Street Corp increased its stake 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 acquiring an additional 307,292 shares during the last quarter. JAT Capital Mgmt LP acquired a new stake in Hut 8 during the third quarter worth about $32,260,000. Geode Capital Management LLC raised its stake in Hut 8 by 21.1% during the third quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock worth $26,902,000 after purchasing an additional 381,720 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Hut 8 by 31.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 833,165 shares of the company’s stock valued at $10,215,000 after purchasing an additional 197,074 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Hut 8 in the 3rd quarter valued at approximately $9,997,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Hut 8 Price Performance

Shares of Hut 8 stock opened at $12.95 on Tuesday. 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 business has a 50-day moving average of $19.58 and a 200 day moving average of $18.82. Hut 8 Corp. has a 12 month low of $6.95 and a 12 month high of $31.95.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price target on shares of Hut 8 in a research report on Friday, March 7th. Rosenblatt Securities initiated coverage on Hut 8 in a research report on Friday, March 7th. They issued a “buy” rating and a $23.00 target price on the stock. Benchmark reiterated a “buy” rating and set a $41.00 price target on shares of Hut 8 in a report on Tuesday, January 7th. Needham & Company LLC restated a “buy” rating and issued a $30.00 price objective on shares of Hut 8 in a report on Tuesday, March 4th. Finally, Keefe, Bruyette & Woods assumed coverage on shares of Hut 8 in a research note on Wednesday, January 8th. They set an “outperform” rating for the company. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Hut 8 has a consensus rating of “Buy” and an average price target of $29.89.

Hut 8 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.