Hut 8 Corp. (NASDAQ:HUT) Shares Sold by Phoenix Financial Ltd.

Phoenix Financial Ltd. lessened its stake in shares of Hut 8 Corp. (NASDAQ:HUT) by 15.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,150 shares of the company’s stock after selling 2,250 shares during the quarter. Phoenix Financial Ltd.’s holdings in Hut 8 were worth $249,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. State Street Corp increased its stake in shares of Hut 8 by 12.6% during the 3rd quarter. State Street Corp now owns 2,740,769 shares of the company’s stock valued at $33,602,000 after acquiring an additional 307,292 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Hut 8 by 3.9% during the fourth quarter. Vanguard Group Inc. now owns 6,459,385 shares of the company’s stock valued at $132,352,000 after purchasing an additional 245,113 shares during the period. Geode Capital Management LLC lifted its holdings in Hut 8 by 21.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock worth $26,902,000 after buying an additional 381,720 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of 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 worth $18,242,000 after acquiring an additional 76,299 shares in the last quarter. Finally, Barclays PLC grew its position in shares of Hut 8 by 29.7% during the third quarter. Barclays PLC now owns 124,527 shares of the company’s stock worth $1,526,000 after buying an additional 28,532 shares in the last quarter. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Benchmark cut their price objective on Hut 8 from $41.00 to $33.00 and set a “buy” rating on the stock in a research note on Wednesday, April 2nd. Needham & Company LLC reiterated a “buy” rating and issued a $30.00 price objective on shares of Hut 8 in a research report on Tuesday, March 4th. UBS Group set a $33.00 target price on Hut 8 in a research note on Wednesday, April 2nd. HC Wainwright reduced their price target 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. Finally, Piper Sandler began coverage on Hut 8 in a report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price objective for the company. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Hut 8 currently has a consensus rating of “Buy” and a consensus target price of $29.40.

Hut 8 Stock Performance

Shares of NASDAQ:HUT opened at $12.16 on Friday. Hut 8 Corp. has a 52 week low of $6.95 and a 52 week 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 firm has a 50 day simple moving average of $14.81 and a 200 day simple moving average of $18.95.

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.