Cresset Asset Management LLC Makes New Investment in Hut 8 Corp. $HUT

Key Points

• Cresset Asset Management LLC acquired 59,591 shares of Hut 8 Corp. valued at approximately $692,000, marking a new position for the firm in the first quarter.
• Multiple hedge funds increased their stakes in Hut 8 during the first quarter, indicating growing interest, with 31.75% of the stock currently owned by such institutional investors.
• Analysts have a consensus rating of "Buy" for Hut 8, with target prices ranging from $21.00 to $36.00, reflecting positive outlooks on the company's performance.

Cresset Asset Management LLC acquired a new stake in Hut 8 Corp. (NASDAQ:HUT - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 59,591 shares of the company's stock, valued at approximately $692,000. Cresset Asset Management LLC owned approximately 0.06% of Hut 8 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Northern Trust Corp lifted its position in shares of Hut 8 by 4.1% in the fourth quarter. Northern Trust Corp now owns 717,575 shares of the company's stock valued at $14,703,000 after acquiring an additional 28,462 shares in the last quarter. Jericho Capital Asset Management L.P. bought a new stake in shares of Hut 8 in the fourth quarter worth about $37,400,000. Teacher Retirement System of Texas bought a new stake in shares of Hut 8 in the first quarter worth about $143,000. Bank of America Corp DE increased its holdings in shares of Hut 8 by 16.8% in the fourth quarter. Bank of America Corp DE now owns 146,500 shares of the company's stock worth $3,002,000 after purchasing an additional 21,058 shares during the last quarter. Finally, Thomist Capital Management LP bought a new stake in shares of Hut 8 in the fourth quarter worth about $502,000. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

Hut 8 Price Performance

Shares of NASDAQ HUT traded up $0.08 during trading hours on Monday, reaching $23.45. The stock had a trading volume of 3,297,454 shares, compared to its average volume of 4,908,913. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 0.19. The business's fifty day moving average price is $20.61 and its two-hundred day moving average price is $16.76. Hut 8 Corp. has a 52-week low of $8.73 and a 52-week high of $31.95.

Hut 8 (NASDAQ:HUT - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.15) by $0.01. The firm had revenue of $41.72 million during the quarter, compared to analyst estimates of $49.10 million. Hut 8 had a return on equity of 8.73% and a net margin of 112.81%. On average, equities research analysts expect that Hut 8 Corp. will post -0.53 earnings per share for the current fiscal year.

Analyst Ratings Changes

HUT has been the topic of several research reports. Northland Securities set a $26.00 target price on Hut 8 in a report on Friday, July 11th. Canaccord Genuity Group lifted their target price on Hut 8 from $32.00 to $36.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. Maxim Group lifted their target price on Hut 8 from $23.00 to $30.00 and gave the stock a "buy" rating in a report on Monday, August 11th. Citizens Jmp raised Hut 8 to a "strong-buy" rating and set a $25.00 price objective on the stock in a research note on Thursday, May 22nd. Finally, Roth Capital assumed coverage on Hut 8 in a research note on Friday, June 6th. They set a "buy" rating and a $25.00 price objective on the stock. Four analysts have rated the stock with a Strong Buy rating and fifteen have issued a Buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $26.94.

Insider Buying and Selling

In other Hut 8 news, CFO Sean Joseph Glennan sold 6,060 shares of the company's stock in a transaction on Monday, August 25th. The stock was sold at an average price of $22.09, for a total transaction of $133,865.40. Following the completion of the sale, the chief financial officer owned 6,295 shares in the company, valued at $139,056.55. This represents a 49.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joseph Flinn sold 11,069 shares of the company's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $15.77, for a total value of $174,558.13. Following the sale, the director owned 19,791 shares of the company's stock, valued at approximately $312,104.07. This represents a 35.87% decrease in their position. The disclosure for this sale can be found here. 11.20% of the stock is currently owned by insiders.

About Hut 8

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.