D. E. Shaw & Co. Inc. acquired a new stake in Hut 8 Corp. (NASDAQ:HUT - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 1,323,314 shares of the company's stock, valued at approximately $27,115,000. D. E. Shaw & Co. Inc. owned about 1.41% of Hut 8 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Jericho Capital Asset Management L.P. bought a new position in Hut 8 in the 4th quarter valued at about $37,400,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of Hut 8 in the fourth quarter valued at approximately $23,009,000. Invesco Ltd. increased its stake in shares of Hut 8 by 1,408.8% during the fourth quarter. Invesco Ltd. now owns 936,650 shares of the company's stock worth $19,192,000 after purchasing an additional 874,572 shares during the period. Massachusetts Financial Services Co. MA bought a new position in shares of Hut 8 during the fourth quarter worth approximately $9,378,000. Finally, Trexquant Investment LP acquired a new stake in Hut 8 during the 4th quarter worth approximately $6,788,000. 31.75% of the stock is currently owned by institutional investors.
Insider Activity at Hut 8
In related news, insider Victor Semah sold 11,363 shares of the stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $12.95, for a total value of $147,150.85. Following the completion of the transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 12.00% of the stock is currently owned by insiders.
Wall Street Analysts Forecast Growth
A number of research analysts have commented on HUT shares. Needham & Company LLC reaffirmed a "buy" rating and issued a $21.00 price objective on shares of Hut 8 in a report on Friday. Northland Capmk raised shares of Hut 8 to a "strong-buy" rating in a research report on Monday, April 21st. UBS Group set a $33.00 price target on shares of Hut 8 in a research report on Wednesday, April 2nd. Rosenblatt Securities started coverage on shares of Hut 8 in a research note on Friday, March 7th. They issued a "buy" rating and a $23.00 price objective for the company. Finally, HC Wainwright reissued a "buy" rating and issued a $25.00 price objective on shares of Hut 8 in a report on Friday. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $26.00.
Get Our Latest Stock Report on Hut 8
Hut 8 Price Performance
Shares of HUT opened at $13.89 on Monday. Hut 8 Corp. has a one year low of $7.67 and a one year 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 has a 50 day simple moving average of $12.49 and a two-hundred day simple moving average of $18.96.
Hut 8 (NASDAQ:HUT - Get Free Report) last issued its quarterly 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 firm had revenue of $20.88 million during the quarter, compared to the consensus estimate of $33.68 million. On average, equities research analysts anticipate that Hut 8 Corp. will post -0.53 EPS for the current year.
About Hut 8
(
Free Report)
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.
Further Reading
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