Hut 8 Corp. (NASDAQ:HUT) Shares Purchased by Geode Capital Management LLC

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

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Capital Performance Advisors LLP purchased a new position in shares of Hut 8 during the 3rd quarter worth about $40,000. Amalgamated Bank acquired a new position in Hut 8 during the second quarter worth approximately $42,000. Intech Investment Management LLC purchased a new position in Hut 8 during the third quarter worth approximately $133,000. Victory Capital Management Inc. acquired a new position in shares of Hut 8 in the 2nd quarter valued at $154,000. Finally, XTX Topco Ltd purchased a new stake in shares of Hut 8 during the 3rd quarter valued at $162,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on HUT shares. Stifel Nicolaus increased their target price on Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a research report on Wednesday, October 30th. Cantor Fitzgerald initiated coverage on Hut 8 in a research note on Monday, December 9th. They issued an “overweight” rating and a $35.00 price objective on the stock. Craig Hallum increased their target price 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. Canaccord Genuity Group lifted their price target on shares of Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Finally, Needham & Company LLC increased their price objective on shares of Hut 8 from $32.00 to $38.00 and gave the stock a “buy” rating in a research report on Tuesday, December 17th. Eight analysts have rated the stock with a buy rating, According to MarketBeat, Hut 8 currently has a consensus rating of “Buy” and an average price target of $31.88.

Hut 8 Stock Performance

Shares of NASDAQ:HUT opened at $23.89 on Friday. The company has a 50 day moving average of $22.61 and a two-hundred day moving average of $16.34. Hut 8 Corp. has a 52-week low of $6.18 and a 52-week high of $31.95. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35.

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.