Knightsbridge Asset Management LLC Buys Shares of 73,300 Hut 8 Corp. (NASDAQ:HUT)

Knightsbridge Asset Management LLC purchased a new stake in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 73,300 shares of the company's stock, valued at approximately $1,502,000. Knightsbridge Asset Management LLC owned about 0.08% of Hut 8 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. 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 valued at $132,352,000 after acquiring an additional 245,113 shares during the last quarter. ExodusPoint Capital Management LP purchased a new position in shares of Hut 8 in the fourth quarter valued at approximately $1,180,000. JPMorgan Chase & Co. boosted its stake in shares of Hut 8 by 23.1% in the fourth quarter. JPMorgan Chase & Co. now owns 322,927 shares of the company's stock valued at $6,617,000 after purchasing an additional 60,542 shares during the period. Geode Capital Management LLC boosted its stake in shares of Hut 8 by 21.1% in the third quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company's stock valued at $26,902,000 after purchasing an additional 381,720 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted 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 valued at $18,242,000 after purchasing an additional 76,299 shares during the period. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Cantor Fitzgerald reissued an "overweight" rating and issued a $30.00 price objective on shares of Hut 8 in a research note on Friday, March 7th. Benchmark lowered their price objective on shares of Hut 8 from $41.00 to $33.00 and set a "buy" rating for the company in a research note on Wednesday, April 2nd. BTIG Research initiated coverage on shares of Hut 8 in a research note on Monday, April 14th. They issued a "buy" rating and a $18.00 price objective for the company. Canaccord Genuity Group reiterated a "buy" rating and issued a $32.00 price target on shares of Hut 8 in a research note on Tuesday, March 4th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $30.00 price target on shares of Hut 8 in a research note on Tuesday, March 4th. Twelve research 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.com, the stock has a consensus rating of "Buy" and an average price target of $27.67.

Hut 8 Price Performance

Hut 8 stock traded down $0.82 during midday trading on Wednesday, hitting $12.23. 2,550,573 shares of the company's stock were exchanged, compared to its average volume of 5,411,903. Hut 8 Corp. has a 12-month low of $7.67 and a 12-month high of $31.95. The firm's 50 day simple moving average is $12.80 and its 200 day simple moving average is $18.97. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35.

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.