Ritholtz Wealth Management Decreases Stake in Hut 8 Corp. (NASDAQ:HUT)

Ritholtz Wealth Management cut its holdings in shares of Hut 8 Corp. (NASDAQ:HUT) by 25.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,954 shares of the company’s stock after selling 4,106 shares during the quarter. Ritholtz Wealth Management’s holdings in Hut 8 were worth $245,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. State Street Corp lifted 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 buying an additional 307,292 shares in the last quarter. JAT Capital Mgmt LP purchased a new stake in shares of Hut 8 during the third quarter worth $32,260,000. Geode Capital Management LLC boosted its holdings 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 worth $26,902,000 after acquiring an additional 381,720 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Hut 8 by 31.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 833,165 shares of the company’s stock valued at $10,215,000 after purchasing an additional 197,074 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Hut 8 during the 3rd quarter valued at $9,997,000. Institutional investors own 31.75% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on HUT shares. Keefe, Bruyette & Woods assumed coverage on Hut 8 in a report on Wednesday, January 8th. They set an “outperform” rating for the company. Canaccord Genuity Group upped their target price on shares of Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. HC Wainwright raised their price target on shares of Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Stifel Nicolaus boosted their price target on shares of Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research report on Wednesday, October 30th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $35.00 price objective on shares of Hut 8 in a research report on Tuesday, January 7th. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $33.00.

Hut 8 Stock Performance

Shares of HUT stock opened at $25.86 on Thursday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. The business has a 50-day moving average price of $25.22 and a two-hundred day moving average price of $17.78. Hut 8 Corp. has a 12-month low of $6.23 and a 12-month high of $31.95.

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.