Mackenzie Financial Corp Lowers Stock Position in Hut 8 Corp. (NASDAQ:HUT)

Mackenzie Financial Corp decreased its position in Hut 8 Corp. (NASDAQ:HUT) by 80.0% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 18,317 shares of the company’s stock after selling 73,435 shares during the period. Mackenzie Financial Corp’s holdings in Hut 8 were worth $245,000 at the end of the most recent quarter.

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

Hut 8 Stock Down 0.6 %

NASDAQ HUT opened at $8.81 on Monday. The company has a quick ratio of 4.61, a current ratio of 4.61 and a debt-to-equity ratio of 0.04. Hut 8 Corp. has a 52 week low of $6.18 and a 52 week high of $22.75. The business’s fifty day simple moving average is $8.65 and its 200-day simple moving average is $7.53. The firm has a market cap of $786.20 million, a PE ratio of -3.20 and a beta of 3.91.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Canaccord Genuity Group cut their price objective on Hut 8 from $17.50 to $14.00 and set a “buy” rating for the company in a research note on Friday, April 5th. Stifel Nicolaus boosted their price target on Hut 8 from $3.25 to $15.00 and gave the stock a “speculative buy” rating in a research report on Monday, January 8th. Benchmark initiated coverage on shares of Hut 8 in a research note on Monday, April 22nd. They set a “buy” rating and a $12.00 target price on the stock. HC Wainwright increased their target price on shares of Hut 8 from $7.00 to $9.00 and gave the company a “sell” rating in a research report on Thursday, March 28th. Finally, Craig Hallum boosted their price target on shares of Hut 8 from $10.00 to $12.00 and gave the stock a “hold” rating in a research report on Monday, April 1st. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average 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.