AM Investment Strategies LLC Takes Position in Hut 8 Corp. (NASDAQ:HUT)

AM Investment Strategies LLC purchased a new stake in Hut 8 Corp. (NASDAQ:HUT) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 42,479 shares of the company’s stock, valued at approximately $597,000. AM Investment Strategies LLC owned about 0.10% of Hut 8 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Qube Research & Technologies Ltd acquired a new position in Hut 8 during the 3rd quarter worth about $3,429,000. Wellington Management Group LLP increased its holdings in Hut 8 by 203.4% during the 3rd quarter. Wellington Management Group LLP now owns 1,125,958 shares of the company’s stock worth $2,224,000 after purchasing an additional 754,891 shares during the period. Van ECK Associates Corp increased its holdings in Hut 8 by 15.7% during the 3rd quarter. Van ECK Associates Corp now owns 2,198,471 shares of the company’s stock worth $4,287,000 after purchasing an additional 297,552 shares during the period. SteelPeak Wealth LLC purchased a new stake in Hut 8 during the 3rd quarter worth about $393,000. Finally, GSG Advisors LLC purchased a new stake in Hut 8 during the 3rd quarter worth about $273,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

Hut 8 Stock Performance

Hut 8 stock traded down $0.12 during mid-day trading on Thursday, reaching $8.86. 1,984,912 shares of the company were exchanged, compared to its average volume of 5,115,942. Hut 8 Corp. has a twelve month low of $6.18 and a twelve month high of $22.75. The firm’s 50-day simple moving average is $8.68 and its two-hundred day simple moving average is $7.41. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.61 and a current ratio of 4.61. The firm has a market cap of $790.67 million, a PE ratio of -3.22 and a beta of 3.91.

Wall Street Analyst Weigh In

Several brokerages have weighed in on HUT. Needham & Company LLC restated a “buy” rating and set a $12.00 price target on shares of Hut 8 in a report on Monday, April 1st. Stifel Nicolaus increased their price objective on Hut 8 from $3.25 to $15.00 and gave the company a “speculative buy” rating in a report on Monday, January 8th. HC Wainwright increased their price objective on Hut 8 from $7.00 to $9.00 and gave the company a “sell” rating in a report on Thursday, March 28th. Benchmark assumed coverage on Hut 8 in a report on Monday. They issued a “buy” rating and a $12.00 price objective on the stock. Finally, Canaccord Genuity Group dropped their price objective on Hut 8 from $17.50 to $14.00 and set a “buy” rating on the stock in a report on Friday, April 5th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $12.33.

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.