Corebridge Financial Inc. Cuts Stock Holdings in Hut 8 Corp. (NASDAQ:HUT)

Corebridge Financial Inc. lowered its stake in Hut 8 Corp. (NASDAQ:HUT) by 7.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 40,275 shares of the company’s stock after selling 3,041 shares during the period. Corebridge Financial Inc.’s holdings in Hut 8 were worth $825,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Nisa Investment Advisors LLC boosted 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 buying an additional 545 shares during the period. R Squared Ltd purchased a new stake in shares of Hut 8 during the fourth quarter worth about $26,000. Principal Securities Inc. purchased a new stake in shares of Hut 8 during the fourth quarter worth about $45,000. KBC Group NV bought a new stake in shares of Hut 8 in the fourth quarter worth about $69,000. Finally, SBI Securities Co. Ltd. purchased a new position in Hut 8 during the 4th quarter valued at about $128,000. Institutional investors own 31.75% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on HUT shares. HC Wainwright cut 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. Benchmark cut their target price on shares of Hut 8 from $41.00 to $33.00 and set a “buy” rating on the stock in a research note on Wednesday. Needham & Company LLC reissued a “buy” rating and issued a $30.00 price target on shares of Hut 8 in a research note on Tuesday, March 4th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $32.00 price objective on shares of Hut 8 in a research report on Tuesday, March 4th. Finally, Piper Sandler initiated coverage on Hut 8 in a research report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 target price for the company. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat, Hut 8 currently has a consensus rating of “Buy” and a consensus target price of $29.00.

Hut 8 Stock Performance

Shares of NASDAQ:HUT opened at $11.39 on Friday. The business has a 50-day simple moving average of $16.08 and a two-hundred day simple moving average of $19.00. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. Hut 8 Corp. has a fifty-two week low of $6.95 and a fifty-two week high of $31.95.

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.