Geode Capital Management LLC Grows Stock Holdings in Hut 8 Corp. (NASDAQ:HUT)

Geode Capital Management LLC boosted its holdings in Hut 8 Corp. (NASDAQ:HUT) by 21.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,193,900 shares of the company’s stock after buying an additional 381,720 shares during the quarter. Geode Capital Management LLC owned approximately 2.41% of Hut 8 worth $26,902,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. State Street Corp lifted its position in Hut 8 by 12.6% in the third quarter. State Street Corp now owns 2,740,769 shares of the company’s stock valued at $33,602,000 after acquiring an additional 307,292 shares during the last quarter. JAT Capital Mgmt LP acquired a new position in Hut 8 in the 3rd quarter valued at about $32,260,000. D1 Capital Partners L.P. purchased a new stake in Hut 8 during the 2nd quarter valued at approximately $17,388,000. Charles Schwab Investment Management Inc. lifted its position in 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 acquiring an additional 197,074 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Hut 8 in the 3rd quarter valued at approximately $9,997,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Hut 8 Price Performance

Shares of HUT opened at $23.89 on Friday. Hut 8 Corp. has a twelve month low of $6.18 and a twelve month high of $31.95. 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’s 50-day moving average is $22.61 and its two-hundred day moving average is $16.34.

Analyst Upgrades and Downgrades

HUT has been the subject of several analyst reports. Canaccord Genuity Group upped their price target on Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Cantor Fitzgerald began coverage on shares of Hut 8 in a research note on Monday, December 9th. They issued an “overweight” rating and a $35.00 target price for the company. HC Wainwright lifted their target price on shares of Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Stifel Nicolaus increased their price target on shares of Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a report on Wednesday, October 30th. Finally, Craig Hallum lifted their price objective on Hut 8 from $15.00 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, According to MarketBeat.com, Hut 8 has an average rating of “Buy” and a consensus price target of $31.88.

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.