Ameriprise Financial Inc. Acquires New Holdings in Hut 8 Corp. (NASDAQ:HUT)

Ameriprise Financial Inc. purchased a new position in Hut 8 Corp. (NASDAQ:HUT - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 151,747 shares of the company's stock, valued at approximately $3,065,000. Ameriprise Financial Inc. owned about 0.16% of Hut 8 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. R Squared Ltd purchased a new position in shares of Hut 8 in the 4th quarter valued at about $26,000. Nisa Investment Advisors LLC increased its stake in Hut 8 by 77.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company's stock valued at $26,000 after purchasing an additional 545 shares during the last quarter. Optiver Holding B.V. purchased a new position in Hut 8 in the fourth quarter valued at approximately $35,000. Russell Investments Group Ltd. raised its holdings in Hut 8 by 832.4% during the fourth quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company's stock worth $42,000 after purchasing an additional 1,823 shares in the last quarter. Finally, Principal Securities Inc. purchased a new stake in shares of Hut 8 during the 4th quarter worth approximately $45,000. Hedge funds and other institutional investors own 31.75% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Maxim Group initiated coverage on shares of Hut 8 in a research report on Thursday, May 1st. They issued a "buy" rating and a $20.00 target price on the stock. B. Riley began coverage on shares of Hut 8 in a research note on Wednesday, May 14th. They issued a "buy" rating and a $25.00 price objective for the company. UBS Group set a $33.00 target price on Hut 8 in a research report on Wednesday, April 2nd. Needham & Company LLC reissued a "buy" rating and issued a $21.00 target price on shares of Hut 8 in a report on Friday, May 9th. Finally, Canaccord Genuity Group reissued a "buy" rating and issued a $32.00 target price on shares of Hut 8 in a research report on Monday, May 12th. Fifteen analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $25.81.

Insiders Place Their Bets

In other 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 transaction of $147,150.85. Following the completion of the sale, the insider now directly owns 15,738 shares in the company, valued at approximately $203,807.10. This trade represents a 41.93% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 11.20% of the stock is currently owned by company insiders.

Hut 8 Trading Down 1.7%

Shares of NASDAQ HUT traded down $0.26 during mid-day trading on Friday, hitting $15.12. 7,477,779 shares of the company were exchanged, compared to its average volume of 5,840,521. The stock has a 50 day simple moving average of $13.49 and a 200-day simple moving average of $18.81. Hut 8 Corp. has a 1-year low of $8.53 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.

Hut 8 (NASDAQ:HUT - Get Free Report) last released its 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 business had revenue of $20.88 million during the quarter, compared to the consensus estimate of $33.68 million. Equities analysts predict that Hut 8 Corp. will post -0.53 earnings per share for the current fiscal year.

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.