Diameter Capital Partners LP Takes Position in Hut 8 Corp. (NASDAQ:HUT)

Diameter Capital Partners LP purchased a new stake in Hut 8 Corp. (NASDAQ:HUT - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 130,000 shares of the company's stock, valued at approximately $2,664,000. Hut 8 accounts for approximately 0.4% of Diameter Capital Partners LP's investment portfolio, making the stock its 26th biggest position. Diameter Capital Partners LP owned about 0.14% of Hut 8 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of HUT. Barclays PLC grew its position in Hut 8 by 29.7% during the third quarter. Barclays PLC now owns 124,527 shares of the company's stock worth $1,526,000 after buying an additional 28,532 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings in 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 last quarter. GoalVest Advisory LLC acquired a new stake in shares of Hut 8 during the fourth quarter worth $330,000. KBC Group NV acquired a new position in shares of Hut 8 during the fourth quarter valued at about $69,000. Finally, Foundations Investment Advisors LLC raised its holdings in Hut 8 by 1.9% during the fourth quarter. Foundations Investment Advisors LLC now owns 50,687 shares of the company's stock worth $1,039,000 after buying an additional 932 shares during the last quarter. Institutional investors and hedge funds own 31.75% of the company's stock.

Analyst Ratings Changes

Several research analysts recently commented on the stock. HC Wainwright reaffirmed a "buy" rating and issued a $25.00 price objective on shares of Hut 8 in a report on Friday. Northland Securities assumed coverage on Hut 8 in a research note on Monday, April 21st. They set an "outperform" rating and a $20.00 price target for the company. Needham & Company LLC reaffirmed a "buy" rating and set a $21.00 target price on shares of Hut 8 in a research note on Friday. Canaccord Genuity Group restated a "buy" rating and set a $32.00 target price on shares of Hut 8 in a research report on Monday. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $30.00 price objective on shares of Hut 8 in a research report on Friday, March 7th. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Hut 8 has a consensus rating of "Buy" and a consensus price target of $26.00.

Insider Buying and Selling at Hut 8

In other Hut 8 news, insider Victor Semah sold 11,363 shares of the business's stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $12.95, for a total value of $147,150.85. Following the transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 12.00% of the company's stock.

Hut 8 Price Performance

HUT traded up $1.89 on Monday, reaching $15.78. The company's stock had a trading volume of 7,588,326 shares, compared to its average volume of 5,578,825. Hut 8 Corp. has a 1 year low of $7.67 and a 1 year high of $31.95. The business's 50 day moving average is $12.49 and its 200 day moving average is $18.96. 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 (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 analysts' consensus estimates of ($0.12) by ($0.06). The business had revenue of $20.88 million for the quarter, compared to analysts' expectations of $33.68 million. Research analysts anticipate that Hut 8 Corp. will post -0.53 EPS for the current fiscal 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.