Mackenzie Financial Corp Sells 73,435 Shares of Hut 8 Corp. (NASDAQ:HUT)

Mackenzie Financial Corp lessened its holdings in Hut 8 Corp. (NASDAQ:HUT) by 80.0% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm 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 reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in HUT. Golden Green Inc. purchased a new stake in Hut 8 in the third quarter worth about $29,000. Private Advisor Group LLC increased its holdings in Hut 8 by 54.7% in the 3rd quarter. Private Advisor Group LLC now owns 18,095 shares of the company’s stock worth $35,000 after acquiring an additional 6,400 shares in the last quarter. QCM Cayman Ltd. bought a new stake in Hut 8 during the 3rd quarter worth approximately $60,000. Headlands Technologies LLC purchased a new position in Hut 8 during the third quarter valued at approximately $73,000. Finally, GSG Advisors LLC bought a new position in shares of Hut 8 in the third quarter worth approximately $273,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Wall Street Analysts Forecast Growth

HUT has been the topic of a number of recent analyst reports. HC Wainwright raised their price target on Hut 8 from $7.00 to $9.00 and gave the company a “sell” rating in a report on Thursday, March 28th. Benchmark began coverage on Hut 8 in a report on Monday, April 22nd. They issued a “buy” rating and a $12.00 price target on the stock. Stifel Nicolaus increased their price objective on shares of Hut 8 from $3.25 to $15.00 and gave the company a “speculative buy” rating in a report on Monday, January 8th. Needham & Company LLC reissued a “buy” rating and issued a $12.00 target price on shares of Hut 8 in a report on Monday, April 1st. Finally, Craig Hallum raised their target price on shares of Hut 8 from $10.00 to $12.00 and gave the company a “hold” rating in a research note on Monday, April 1st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.33.

Hut 8 Price Performance

HUT stock opened at $8.81 on Monday. The company has a fifty day simple moving average of $8.65 and a two-hundred day simple moving average of $7.53. Hut 8 Corp. has a 52 week low of $6.18 and a 52 week high of $22.75. The company has a quick ratio of 4.61, a current ratio of 4.61 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $786.20 million, a P/E ratio of -3.20 and a beta of 3.91.

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.