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

State Street Corp lifted its position in Hut 8 Corp. (NASDAQ:HUT) by 12.6% during the third quarter, Holdings Channel reports. The institutional investor owned 2,740,769 shares of the company’s stock after buying an additional 307,292 shares during the quarter. State Street Corp’s holdings in Hut 8 were worth $33,602,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of HUT. JAT Capital Mgmt LP purchased a new position in shares of Hut 8 in the 3rd quarter valued at approximately $32,260,000. D1 Capital Partners L.P. purchased a new position in shares of Hut 8 in the second quarter worth $17,388,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Hut 8 by 31.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 833,165 shares of the company’s stock worth $10,215,000 after buying an additional 197,074 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Hut 8 during the third quarter valued at $9,997,000. Finally, Millennium Management LLC raised its stake in Hut 8 by 46.4% in the 2nd quarter. Millennium Management LLC now owns 649,518 shares of the company’s stock worth $9,733,000 after acquiring an additional 205,836 shares during the last quarter. Institutional investors own 31.75% of the company’s stock.

Hut 8 Stock Down 0.5 %

HUT stock opened at $23.68 on Friday. 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 Corp. has a 52-week low of $6.18 and a 52-week high of $31.95. The company’s 50-day simple moving average is $21.94 and its 200-day simple moving average is $16.06.

Analysts Set New Price Targets

HUT has been the topic of a number of recent research reports. Craig Hallum upped their target price on Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Stifel Nicolaus increased their price objective on shares of Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a research note on Wednesday, October 30th. Needham & Company LLC raised their target price on shares of Hut 8 from $32.00 to $38.00 and gave the stock a “buy” rating in a report on Tuesday, December 17th. Benchmark upped their price target on shares of Hut 8 from $17.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Finally, Canaccord Genuity Group lifted their price objective on Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target 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.