Wells Fargo & Company MN Increases Stock Holdings in Hut 8 Corp. (NASDAQ:HUT)

Wells Fargo & Company MN boosted its stake in Hut 8 Corp. (NASDAQ:HUT) by 28.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 52,563 shares of the company’s stock after acquiring an additional 11,687 shares during the quarter. Wells Fargo & Company MN’s holdings in Hut 8 were worth $1,077,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in HUT. Vanguard Group Inc. increased its position 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 worth $132,352,000 after purchasing an additional 245,113 shares in the last quarter. ExodusPoint Capital Management LP acquired a new stake in Hut 8 during the 4th quarter worth $1,180,000. JPMorgan Chase & Co. grew its holdings in shares of Hut 8 by 23.1% during the fourth quarter. JPMorgan Chase & Co. now owns 322,927 shares of the company’s stock worth $6,617,000 after buying an additional 60,542 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 buying an additional 76,299 shares in the last quarter. Finally, Barclays PLC boosted its position in 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 acquiring an additional 28,532 shares during the last quarter. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Hut 8 Stock Performance

HUT stock opened at $13.05 on Wednesday. The business’s fifty day moving average price is $12.80 and its 200 day moving average price is $18.97. Hut 8 Corp. has a 12-month low of $7.67 and a 12-month high of $31.95. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. HC Wainwright cut their price target on Hut 8 from $35.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. Keefe, Bruyette & Woods initiated coverage on shares of Hut 8 in a research report on Wednesday, January 8th. They set an “outperform” rating on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price objective on shares of Hut 8 in a research report on Friday, March 7th. Benchmark decreased their target price on shares of Hut 8 from $41.00 to $33.00 and set a “buy” rating on the stock in a report on Wednesday, April 2nd. Finally, BTIG Research initiated coverage on Hut 8 in a research report on Monday, April 14th. They issued a “buy” rating and a $18.00 target price on the stock. Twelve analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $27.67.

Hut 8 Company 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.