Diameter Capital Partners LP Makes New Investment in Hut 8 Corp. (NASDAQ:HUT)

Diameter Capital Partners LP bought a new position in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 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 largest holding. Diameter Capital Partners LP owned 0.14% of Hut 8 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of HUT. Balyasny Asset Management L.P. lifted its stake in Hut 8 by 354.1% in the fourth quarter. Balyasny Asset Management L.P. now owns 63,317 shares of the company's stock valued at $1,297,000 after buying an additional 49,374 shares during the last quarter. Bank of America Corp DE boosted its stake in Hut 8 by 16.8% during the 4th quarter. Bank of America Corp DE now owns 146,500 shares of the company's stock valued at $3,002,000 after purchasing an additional 21,058 shares during the period. Ameriprise Financial Inc. bought a new position in Hut 8 in the 4th quarter worth about $3,065,000. Jericho Capital Asset Management L.P. bought a new stake in shares of Hut 8 during the fourth quarter valued at approximately $37,400,000. Finally, Northern Trust Corp raised its holdings in shares of Hut 8 by 4.1% during the fourth quarter. Northern Trust Corp now owns 717,575 shares of the company's stock valued at $14,703,000 after buying an additional 28,462 shares during the last quarter. 31.75% of the stock is currently owned by institutional investors.

Hut 8 Trading Down 2.0 %

Shares of HUT traded down $0.28 during mid-day trading on Friday, reaching $13.89. The company's stock had a trading volume of 8,227,947 shares, compared to its average volume of 5,553,877. Hut 8 Corp. has a 1 year low of $7.67 and a 1 year high of $31.95. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. The business has a fifty day moving average of $12.49 and a 200 day moving average of $18.91.

Hut 8 (NASDAQ:HUT - Get Free Report) last posted its quarterly 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 analyst estimates of $33.68 million. Sell-side analysts predict that Hut 8 Corp. will post -0.53 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Canaccord Genuity Group reissued a "buy" rating and set a $32.00 price target on shares of Hut 8 in a report on Tuesday, March 4th. Cantor Fitzgerald restated an "overweight" rating and set a $30.00 price target on shares of Hut 8 in a research report on Friday, March 7th. Northland Securities assumed coverage on shares of Hut 8 in a report on Monday, April 21st. They issued an "outperform" rating and a $20.00 price objective for the company. Northland Capmk raised Hut 8 to a "strong-buy" rating in a report on Monday, April 21st. Finally, UBS Group set a $33.00 price target on Hut 8 in a research report on Wednesday, April 2nd. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $26.00.

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 value 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 12.00% of the stock is currently owned by company insiders.

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.