Helix Partners Management LP Acquires New Position in Hut 8 Corp. (NASDAQ:HUT)

Helix Partners Management LP bought a new position in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 194,489 shares of the company's stock, valued at approximately $3,985,000. Hut 8 makes up 0.7% of Helix Partners Management LP's investment portfolio, making the stock its 11th largest holding. Helix Partners Management LP owned about 0.21% of Hut 8 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Intech Investment Management LLC acquired a new position in shares of Hut 8 during the 3rd quarter worth $133,000. Charles Schwab Investment Management Inc. lifted its holdings 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 worth $10,215,000 after buying an additional 197,074 shares during the period. BNP Paribas Financial Markets boosted its holdings in Hut 8 by 24.6% in the third quarter. BNP Paribas Financial Markets now owns 18,520 shares of the company's stock valued at $227,000 after acquiring an additional 3,653 shares during the last quarter. MetLife Investment Management LLC boosted its stake in shares of Hut 8 by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 46,719 shares of the company's stock valued at $573,000 after purchasing an additional 26,324 shares during the last quarter. Finally, Centiva Capital LP bought a new stake in Hut 8 during the third quarter valued at $1,382,000. Institutional investors own 31.75% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently commented on HUT. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $30.00 price objective on shares of Hut 8 in a research report on Friday, March 7th. Rosenblatt Securities assumed coverage on Hut 8 in a research note on Friday, March 7th. They issued a "buy" rating and a $23.00 price objective for the company. Needham & Company LLC reissued a "buy" rating and set a $30.00 price target on shares of Hut 8 in a research report on Tuesday, March 4th. 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 report on Wednesday, April 2nd. Finally, Piper Sandler initiated coverage on shares of Hut 8 in a research report on Tuesday, December 17th. They set an "overweight" rating and a $33.00 target price for the company. Ten analysts have rated the stock with a buy rating, According to MarketBeat.com, Hut 8 currently has a consensus rating of "Buy" and an average target price of $29.40.

Hut 8 Price Performance

Shares of HUT traded up $0.28 during trading hours on Tuesday, hitting $11.71. The company had a trading volume of 2,640,092 shares, compared to its average volume of 5,213,898. The firm has a fifty day moving average price of $15.91 and a 200-day moving average price of $19.05. 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 current ratio of 1.00 and a quick ratio of 1.00.

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.