Advantage Alpha Capital Partners LP Purchases New Holdings in Hut 8 Corp. (NASDAQ:HUT)

Advantage Alpha Capital Partners LP bought a new stake in Hut 8 Corp. (NASDAQ:HUT) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 11,716 shares of the company’s stock, valued at approximately $240,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. JAT Capital Mgmt LP acquired a new stake in shares of Hut 8 in the 3rd quarter valued at approximately $32,260,000. Geode Capital Management LLC grew its holdings in Hut 8 by 21.1% during the third quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock worth $26,902,000 after acquiring an additional 381,720 shares during the period. State Street Corp raised its position in Hut 8 by 12.6% in the third quarter. State Street Corp now owns 2,740,769 shares of the company’s stock worth $33,602,000 after acquiring an additional 307,292 shares in the last quarter. Walleye Capital LLC lifted its holdings in Hut 8 by 179.7% in the third quarter. Walleye Capital LLC now owns 405,780 shares of the company’s stock valued at $4,975,000 after acquiring an additional 260,695 shares during the period. Finally, Vanguard Group Inc. boosted its position in shares of Hut 8 by 3.9% during the 4th 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. Institutional investors and hedge funds own 31.75% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on HUT shares. Keefe, Bruyette & Woods began coverage on shares of Hut 8 in a report on Wednesday, January 8th. They issued an “outperform” rating for the company. Piper Sandler assumed coverage on Hut 8 in a report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price target on the stock. HC Wainwright lowered their target price on Hut 8 from $35.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price target on shares of Hut 8 in a research note on Friday, March 7th. Finally, Benchmark reissued a “buy” rating and issued a $41.00 price objective on shares of Hut 8 in a research note on Tuesday, January 7th. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Hut 8 currently has a consensus rating of “Buy” and an average target price of $29.89.

Hut 8 Stock Up 8.1 %

NASDAQ:HUT opened at $13.95 on Tuesday. Hut 8 Corp. has a 12-month low of $6.95 and a 12-month 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 company’s 50-day moving average is $18.51 and its two-hundred day moving average is $18.94.

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.