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

Balyasny Asset Management L.P. raised its holdings in Hut 8 Corp. (NASDAQ:HUT - Free Report) by 354.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 63,317 shares of the company's stock after purchasing an additional 49,374 shares during the period. Balyasny Asset Management L.P. owned approximately 0.07% of Hut 8 worth $1,297,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. R Squared Ltd bought a new stake in shares of Hut 8 during the 4th quarter worth approximately $26,000. Nisa Investment Advisors LLC lifted its holdings in shares of Hut 8 by 77.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company's stock worth $26,000 after acquiring an additional 545 shares during the period. Optiver Holding B.V. bought a new stake in shares of Hut 8 during the 4th quarter worth approximately $35,000. Russell Investments Group Ltd. lifted its holdings in shares of Hut 8 by 832.4% during the 4th quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company's stock worth $42,000 after acquiring an additional 1,823 shares during the period. Finally, Principal Securities Inc. bought a new stake in shares of Hut 8 during the 4th quarter worth approximately $45,000. Institutional investors own 31.75% of the company's stock.

Insider Transactions at Hut 8

In other Hut 8 news, insider Victor Semah sold 11,363 shares of Hut 8 stock in a transaction that occurred on 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 directly owns 15,738 shares in the company, valued at $203,807.10. The trade was a 41.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 11.20% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on HUT shares. Rosenblatt Securities started coverage on shares of Hut 8 in a report on Friday, March 7th. They set a "buy" rating and a $23.00 price target for the company. B. Riley started coverage on shares of Hut 8 in a research report on Wednesday, May 14th. They set a "buy" rating and a $25.00 price objective for the company. Benchmark lowered their price objective on shares of Hut 8 from $41.00 to $33.00 and set a "buy" rating for the company in a research report on Wednesday, April 2nd. UBS Group set a $33.00 price objective on shares of Hut 8 in a research report on Wednesday, April 2nd. Finally, Northland Securities started coverage on shares of Hut 8 in a research report on Monday, April 21st. They set an "outperform" rating and a $20.00 price objective for the company. Thirteen research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $25.93.

Hut 8 Trading Up 0.2%

NASDAQ HUT traded up $0.04 on Monday, hitting $17.17. The company's stock had a trading volume of 7,193,407 shares, compared to its average volume of 5,699,275. The company's 50-day moving average is $12.90 and its 200 day moving average is $18.95. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. Hut 8 Corp. has a 1-year low of $8.53 and a 1-year high of $31.95.

Hut 8 (NASDAQ:HUT - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.06). The company had revenue of $20.88 million for the quarter, compared to analyst estimates of $33.68 million. As a group, equities analysts predict that Hut 8 Corp. will post -0.53 earnings per share for the current year.

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.