Cresset Asset Management LLC Makes New $692,000 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 position in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) in the first quarter, according to its most recent disclosure 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 0.06% of Hut 8 as of its most recent SEC filing.

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

Insider Activity at Hut 8

In other news, Director Joseph Flinn sold 11,069 shares of the firm's stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $15.77, for a total transaction of $174,558.13. Following the completion of the sale, the director owned 19,791 shares in the company, valued at $312,104.07. This trade represents a 35.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Sean Joseph Glennan sold 6,060 shares of the firm's stock in a transaction that occurred 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 sale, the chief financial officer owned 6,295 shares of the company's stock, valued at approximately $139,056.55. The trade was a 49.05% decrease in their position. The disclosure for this sale can be found here. Company insiders own 11.20% of the company's stock.

Hut 8 Stock Up 1.3%

NASDAQ HUT traded up $0.34 during trading hours on Thursday, hitting $26.69. The company's stock had a trading volume of 1,508,683 shares, compared to its average volume of 5,623,155. Hut 8 Corp. has a 52 week low of $8.73 and a 52 week high of $31.95. The company's 50-day simple moving average is $20.98 and its two-hundred day simple moving average is $16.88. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.81 and a quick ratio of 1.81.

Hut 8 (NASDAQ:HUT - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.01. Hut 8 had a net margin of 112.81% and a return on equity of 8.73%. The firm had revenue of $41.72 million for the quarter, compared to analysts' expectations of $49.10 million. Equities analysts expect that Hut 8 Corp. will post -0.53 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently commented on HUT. Citigroup assumed coverage on Hut 8 in a research report on Thursday, May 22nd. They issued an "outperform" rating on the stock. Needham & Company LLC restated a "buy" rating and set a $21.00 target price on shares of Hut 8 in a research note on Friday, May 9th. Roth Capital began coverage on Hut 8 in a research note on Friday, June 6th. They set a "buy" rating and a $25.00 target price for the company. Maxim Group upped their price target on shares of Hut 8 from $23.00 to $30.00 and gave the stock a "buy" rating in a report on Monday, August 11th. Finally, Northland Securities set a $26.00 price objective on Hut 8 in a report on Friday, July 11th. Four research analysts have rated the stock with a Strong Buy rating and fifteen have assigned a Buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $26.94.

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.