Geode Capital Management LLC Acquires 381,720 Shares of Hut 8 Corp. (NASDAQ:HUT)

Geode Capital Management LLC lifted its holdings in Hut 8 Corp. (NASDAQ:HUT - Free Report) by 21.1% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 2,193,900 shares of the company's stock after purchasing an additional 381,720 shares during the quarter. Geode Capital Management LLC owned about 2.41% of Hut 8 worth $26,902,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. State Street Corp boosted its position in Hut 8 by 12.6% during the third quarter. State Street Corp now owns 2,740,769 shares of the company's stock valued at $33,602,000 after purchasing an additional 307,292 shares during the last quarter. JAT Capital Mgmt LP acquired a new position in Hut 8 during the third quarter worth $32,260,000. D1 Capital Partners L.P. acquired a new stake in Hut 8 in the second quarter valued at $17,388,000. Charles Schwab Investment Management Inc. increased its stake in shares of Hut 8 by 31.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 833,165 shares of the company's stock worth $10,215,000 after purchasing an additional 197,074 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Hut 8 in the 3rd quarter valued at about $9,997,000. 31.75% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on HUT shares. Benchmark increased their price objective on shares of Hut 8 from $17.00 to $32.00 and gave the company a "buy" rating in a research report on Thursday, November 14th. Craig Hallum raised their price objective on shares of Hut 8 from $15.00 to $32.00 and gave the stock a "buy" rating in a research report on Thursday, November 14th. Cantor Fitzgerald assumed coverage on Hut 8 in a research report on Monday, December 9th. They issued an "overweight" rating and a $35.00 target price on the stock. HC Wainwright lifted their price target on Hut 8 from $26.00 to $35.00 and gave the stock a "buy" rating in a report on Thursday, November 14th. Finally, Canaccord Genuity Group upped their price objective on Hut 8 from $22.00 to $32.00 and gave the company a "buy" rating in a report on Thursday, November 14th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $31.88.

Hut 8 Price Performance

Hut 8 stock traded down $1.57 during trading on Friday, hitting $22.32. The stock had a trading volume of 4,634,786 shares, compared to its average volume of 5,416,645. The stock's 50 day moving average is $22.83 and its two-hundred day moving average is $16.39. Hut 8 Corp. has a 1 year low of $6.18 and a 1 year high of $31.95. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00.

Hut 8 Profile

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.