Balyasny Asset Management L.P. Buys 49,374 Shares of Hut 8 Corp. (NASDAQ:HUT)

Balyasny Asset Management L.P. raised its stake in Hut 8 Corp. (NASDAQ:HUT - Free Report) by 354.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 63,317 shares of the company's stock after buying an additional 49,374 shares during the quarter. Balyasny Asset Management L.P. owned about 0.07% of Hut 8 worth $1,297,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the stock. Nisa Investment Advisors LLC lifted its stake in Hut 8 by 77.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company's stock valued at $26,000 after buying an additional 545 shares in the last quarter. Summit Investment Advisors Inc. raised its holdings in shares of Hut 8 by 7.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 8,475 shares of the company's stock valued at $174,000 after purchasing an additional 618 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of Hut 8 by 2.8% in the fourth quarter. Arizona State Retirement System now owns 23,764 shares of the company's stock valued at $487,000 after purchasing an additional 637 shares during the last quarter. Foundations Investment Advisors LLC raised its holdings in shares of Hut 8 by 1.9% in the fourth quarter. Foundations Investment Advisors LLC now owns 50,687 shares of the company's stock valued at $1,039,000 after purchasing an additional 932 shares during the last quarter. Finally, R Squared Ltd acquired a new stake in shares of Hut 8 in the fourth quarter valued at approximately $26,000. Institutional investors own 31.75% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on HUT shares. Needham & Company LLC reiterated a "buy" rating and issued a $21.00 price objective on shares of Hut 8 in a report on Friday, May 9th. Benchmark lowered their price objective on shares of Hut 8 from $41.00 to $33.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. Canaccord Genuity Group restated a "buy" rating and set a $32.00 target price on shares of Hut 8 in a report on Monday, May 12th. Maxim Group assumed coverage on shares of Hut 8 in a report on Thursday, May 1st. They set a "buy" rating and a $20.00 target price on the stock. Finally, Rosenblatt Securities assumed coverage on shares of Hut 8 in a report on Friday, March 7th. They set a "buy" rating and a $23.00 target price on the stock. Thirteen equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Hut 8 currently has an average rating of "Buy" and an average target price of $25.93.

Hut 8 Trading Up 9.9%

Shares of NASDAQ:HUT traded up $1.55 on Friday, hitting $17.13. The company had a trading volume of 10,986,080 shares, compared to its average volume of 5,680,232. Hut 8 Corp. has a 1-year low of $8.53 and a 1-year high of $31.95. The stock has a 50 day moving average price of $12.80 and a 200 day moving average price of $18.92. 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 (NASDAQ:HUT - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.06). The firm had revenue of $20.88 million for the quarter, compared to the consensus estimate of $33.68 million. On average, sell-side analysts expect that Hut 8 Corp. will post -0.53 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Victor Semah sold 11,363 shares of the company's stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $12.95, for a total transaction of $147,150.85. Following the completion of the sale, the insider now owns 15,738 shares of the company's stock, valued at $203,807.10. This represents a 41.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 11.20% of the stock is currently owned by company insiders.

Hut 8 Company 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.