The Manufacturers Life Insurance Company Sells 716 Shares of Hut 8 Corp. (NASDAQ:HUT)

The Manufacturers Life Insurance Company decreased its holdings in shares of Hut 8 Corp. (NASDAQ:HUT) by 2.3% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 29,962 shares of the company’s stock after selling 716 shares during the period. The Manufacturers Life Insurance Company’s holdings in Hut 8 were worth $367,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Connor Clark & Lunn Investment Management Ltd. bought a new position in Hut 8 during the 3rd quarter valued at approximately $9,997,000. D1 Capital Partners L.P. purchased a new stake in shares of Hut 8 in the 2nd quarter worth approximately $17,388,000. Millennium Management LLC grew its stake in shares of Hut 8 by 46.4% in the 2nd quarter. Millennium Management LLC now owns 649,518 shares of the company’s stock worth $9,733,000 after buying an additional 205,836 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Hut 8 by 31.0% during 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, Ninepoint Partners LP purchased a new stake in Hut 8 during the 2nd quarter valued at $720,000. Institutional investors own 31.75% of the company’s stock.

Hut 8 Stock Performance

Shares of NASDAQ HUT opened at $27.33 on Monday. 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 1 year low of $6.18 and a 1 year high of $31.95. The firm has a 50-day simple moving average of $20.43 and a two-hundred day simple moving average of $15.49.

Analysts Set New Price Targets

Several research firms have recently weighed in on HUT. Stifel Nicolaus increased their price target on Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a report on Wednesday, October 30th. Craig Hallum raised their target price on Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. HC Wainwright increased their price target on Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Canaccord Genuity Group increased their price target on Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, Needham & Company LLC raised their price objective on Hut 8 from $21.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $30.86.

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.