State Street Corp Acquires 307,292 Shares of Hut 8 Corp. (NASDAQ:HUT)

State Street Corp lifted its stake in Hut 8 Corp. (NASDAQ:HUT - Free Report) by 12.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,740,769 shares of the company's stock after acquiring an additional 307,292 shares during the period. State Street Corp owned approximately 3.01% of Hut 8 worth $33,602,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in HUT. JAT Capital Mgmt LP bought a new position in Hut 8 in the 3rd quarter worth approximately $32,260,000. D1 Capital Partners L.P. bought a new position in shares of Hut 8 in the 2nd quarter worth $17,388,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Hut 8 during the 3rd quarter worth about $9,997,000. Bank of New York Mellon Corp bought a new stake in shares of Hut 8 in the 2nd quarter valued at about $4,390,000. Finally, Walleye Capital LLC raised its position in shares of Hut 8 by 179.7% in the 3rd quarter. Walleye Capital LLC now owns 405,780 shares of the company's stock valued at $4,975,000 after acquiring an additional 260,695 shares during the period. Institutional investors and hedge funds own 31.75% of the company's stock.

Hut 8 Stock Performance

NASDAQ HUT traded down $0.12 during trading on Friday, reaching $23.68. The company's stock had a trading volume of 7,329,060 shares, compared to its average volume of 5,434,677. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a 50 day moving average price of $21.94 and a 200 day moving average price of $16.10. Hut 8 Corp. has a 12 month low of $6.18 and a 12 month high of $31.95.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on HUT shares. Craig Hallum boosted their target price on Hut 8 from $15.00 to $32.00 and gave the company a "buy" rating in a research note on Thursday, November 14th. Cantor Fitzgerald began coverage on Hut 8 in a research note on Monday, December 9th. They issued an "overweight" rating and a $35.00 target price on the stock. Canaccord Genuity Group raised their price target on shares of Hut 8 from $22.00 to $32.00 and gave the stock a "buy" rating in a research note on Thursday, November 14th. HC Wainwright boosted their price objective on shares of Hut 8 from $26.00 to $35.00 and gave the stock a "buy" rating in a research report on Thursday, November 14th. Finally, Benchmark raised their target price 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. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $31.88.

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.