Ardsley Advisory Partners LP Lowers Holdings in Hut 8 Corp. $HUT

Key Points

• Ardsley Advisory Partners reduced its Hut 8 stake by 66.5% in the fourth quarter, selling 715,000 shares and ending with 360,000 shares worth about $16.5 million.
• Insiders have also been selling, with directors Joseph Flinn and Rick Rickertsen both trimming positions; company insiders sold 102,724 shares over the last 90 days.
• Wall Street remains mostly bullish on Hut 8, with 17 Buy ratings and one Sell, while analysts’ consensus target price is $107.72 versus the stock’s recent trading level above that mark.

Ardsley Advisory Partners LP cut its holdings in Hut 8 Corp. (NASDAQ:HUT - Free Report) by 66.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 360,000 shares of the company's stock after selling 715,000 shares during the period. Hut 8 accounts for 1.8% of Ardsley Advisory Partners LP's holdings, making the stock its 14th biggest holding. Ardsley Advisory Partners LP owned 0.33% of Hut 8 worth $16,538,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Harvest Portfolios Group Inc. lifted its holdings in Hut 8 by 75.3% in the 3rd quarter. Harvest Portfolios Group Inc. now owns 85,093 shares of the company's stock worth $2,962,000 after purchasing an additional 36,543 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in Hut 8 by 4,669,387.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company's stock worth $186,629,000 after purchasing an additional 4,062,367 shares in the last quarter. Handelsbanken Fonder AB purchased a new position in Hut 8 in the 4th quarter worth approximately $1,153,000. Steadview Capital Management LLC lifted its holdings in Hut 8 by 1,425.3% in the 4th quarter. Steadview Capital Management LLC now owns 431,655 shares of the company's stock worth $19,830,000 after purchasing an additional 403,355 shares in the last quarter. Finally, WINTON GROUP Ltd purchased a new position in Hut 8 in the 3rd quarter worth approximately $1,385,000. 31.75% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Joseph Flinn sold 7,719 shares of the stock in a transaction on Friday, June 12th. The stock was sold at an average price of $117.91, for a total transaction of $910,147.29. Following the sale, the director owned 10,519 shares in the company, valued at approximately $1,240,295.29. This represents a 42.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Rick Rickertsen sold 17,491 shares of the stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $110.00, for a total value of $1,924,010.00. Following the sale, the director owned 17,491 shares in the company, valued at $1,924,010. The trade was a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 102,724 shares of company stock worth $10,934,340. 10.40% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on HUT shares. Jefferies Financial Group started coverage on Hut 8 in a report on Thursday, May 14th. They issued a "buy" rating and a $156.00 price target on the stock. Needham & Company LLC boosted their price target on Hut 8 from $88.00 to $128.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. B. Riley Financial lifted their price objective on Hut 8 from $76.00 to $130.00 and gave the stock a "buy" rating in a research note on Wednesday, May 13th. Cantor Fitzgerald lifted their price objective on Hut 8 from $68.00 to $80.00 and gave the stock an "overweight" rating in a research note on Thursday, April 9th. Finally, Compass Point set a $130.00 price objective on Hut 8 in a research note on Wednesday, May 13th. Seventeen analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $107.72.

Hut 8 Stock Performance

NASDAQ:HUT opened at $118.88 on Thursday. The stock's 50 day simple moving average is $97.20 and its two-hundred day simple moving average is $67.46. Hut 8 Corp. has a 1 year low of $15.26 and a 1 year high of $140.80. The company has a market cap of $13.38 billion, a price-to-earnings ratio of -39.63 and a beta of 4.61. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.86 and a quick ratio of 0.86.

Hut 8 (NASDAQ:HUT - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($1.98) earnings per share for the quarter, missing the consensus estimate of ($0.33) by ($1.65). Hut 8 had a negative net margin of 109.77% and a negative return on equity of 0.35%. The company had revenue of $139.31 million for the quarter, compared to analysts' expectations of $78.53 million. As a group, equities analysts anticipate that Hut 8 Corp. will post -1.29 earnings per share for the current fiscal year.

Hut 8 Profile

Hut 8 Corp., trading on the Nasdaq under the symbol HUT, is a North American digital infrastructure company specializing in cryptocurrency mining and high‐performance computing. Founded in 2017 and headquartered in Toronto, Canada, Hut 8 operates purpose‐built data centers that house fleets of specialized ASIC and GPU servers. Through its flagship mining facilities in Alberta and Ontario, the company leverages low‐cost, low‐carbon power sources—such as hydroelectric and natural gas—to support sustainable bitcoin production.

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