Amundi Buys 31,364 Shares of Hut 8 Corp. $HUT

Key Points

• Amundi increased its Hut 8 stake by 383.1% in the second quarter, purchasing 31,364 additional shares and bringing its holdings to 39,551 shares valued at approximately $4.6 million. Institutional investors and hedge funds collectively own 31.75% of the company.
• Hut 8 reported a quarterly loss of $1.27 per share, missing analyst expectations of a $0.55 loss, while revenue of $74.93 million came in below the $79.37 million consensus estimate. Analysts expect the company to post a full-year loss of $2.85 per share.
• Analyst sentiment remains broadly positive, with the stock carrying an average “Buy” rating and a consensus price target of $144.89 versus its reported opening price of $98.60; recent targets range as high as $263.

Amundi lifted its stake in Hut 8 Corp. (NASDAQ:HUT - Free Report) by 383.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 39,551 shares of the company's stock after purchasing an additional 31,364 shares during the period. Amundi's holdings in Hut 8 were worth $4,566,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. CoreCap Advisors LLC raised its position in shares of Hut 8 by 42.1% during the second quarter. CoreCap Advisors LLC now owns 540 shares of the company's stock worth $62,000 after acquiring an additional 160 shares during the last quarter. Arlington Trust Co LLC increased its position in Hut 8 by 175.0% in the second quarter. Arlington Trust Co LLC now owns 275 shares of the company's stock worth $32,000 after purchasing an additional 175 shares during the period. GAMMA Investing LLC increased its position in Hut 8 by 35.0% in the second quarter. GAMMA Investing LLC now owns 1,057 shares of the company's stock worth $122,000 after purchasing an additional 274 shares during the period. TD Waterhouse Canada Inc. raised its holdings in Hut 8 by 41.6% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 1,274 shares of the company's stock worth $135,000 after purchasing an additional 374 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC lifted its position in Hut 8 by 4.5% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 8,992 shares of the company's stock valued at $413,000 after purchasing an additional 388 shares during the period. Institutional investors and hedge funds own 31.75% of the company's stock.

Hut 8 Price Performance

Shares of HUT opened at $98.60 on Friday. The company has a debt-to-equity ratio of 4.22, a quick ratio of 19.35 and a current ratio of 19.35. The stock has a 50 day simple moving average of $94.17 and a 200 day simple moving average of $87.53. Hut 8 Corp. has a 52-week low of $31.67 and a 52-week high of $140.80. The firm has a market capitalization of $12.15 billion, a PE ratio of -18.09 and a beta of 4.51.

Hut 8 (NASDAQ:HUT - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported ($1.27) EPS for the quarter, missing the consensus estimate of ($0.55) by ($0.72). Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%.The company had revenue of $74.93 million for the quarter, compared to analyst estimates of $79.37 million. During the same quarter last year, the business posted $1.18 earnings per share. Sell-side analysts predict that Hut 8 Corp. will post -2.85 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on HUT shares. Benchmark lifted their price target on shares of Hut 8 from $165.00 to $195.00 and gave the stock a "buy" rating in a research report on Wednesday, July 22nd. Freedom Capital raised shares of Hut 8 to a "strong-buy" rating in a research note on Tuesday, August 18th. B. Riley Financial lifted their target price on shares of Hut 8 from $130.00 to $163.00 and gave the stock a "buy" rating in a report on Monday, August 3rd. Wall Street Zen downgraded Hut 8 from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 1st. Finally, Morgan Stanley began coverage on Hut 8 in a report on Thursday, July 23rd. They issued an "overweight" rating and a $263.00 price objective for the company. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $144.89.

Insider Transactions at Hut 8

In other Hut 8 news, insider Victor Semah sold 10,000 shares of the business's stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $125.00, for a total value of $1,250,000.00. Following the sale, the insider owned 31,378 shares in the company, valued at approximately $3,922,250. The trade was a 24.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Sean Glennan sold 6,445 shares of Hut 8 stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $78.76, for a total transaction of $507,608.20. Following the completion of the sale, the chief financial officer owned 17,978 shares in the company, valued at $1,415,947.28. This trade represents a 26.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 10.40% of the stock is currently owned by corporate insiders.

Hut 8 Profile

Hut 8 Corp. NASDAQ: HUT is a North American energy infrastructure and digital asset mining company. The company develops and operates data centers, power-generation resources and other infrastructure that support energy-intensive computing applications, including Bitcoin mining.

Hut 8 also provides services related to digital asset mining and data center operations, while pursuing opportunities in high-performance computing and artificial intelligence infrastructure. Its business is supported by a portfolio of power and data center sites in the United States and Canada.

The company was formed through the combination of Canadian Bitcoin miner Hut 8 Mining Corp.

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