Hut 8 Corp. $HUT Shares Bought by Arete Wealth Advisors LLC

Key Points

• Arete Wealth Advisors LLC increased its holdings in Hut 8 Corp. by 241.5% during the 1st quarter, owning approximately 67,432 shares valued at $784,000.
• Several large investors, including Vanguard Group and Massachusetts Financial Services, also increased their positions in Hut 8, contributing to 31.75% of the stock being held by institutional investors.
• Analysts have given Hut 8 a Buy rating with an average price target of $27.82, indicating positive market sentiment despite a reported EPS of ($0.14) for the last quarter.

Arete Wealth Advisors LLC raised its stake in Hut 8 Corp. (NASDAQ:HUT - Free Report) by 241.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 67,432 shares of the company's stock after buying an additional 47,689 shares during the period. Arete Wealth Advisors LLC owned approximately 0.06% of Hut 8 worth $784,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Victory Capital Management Inc. grew its position in shares of Hut 8 by 7.9% in the first quarter. Victory Capital Management Inc. now owns 11,127 shares of the company's stock valued at $129,000 after purchasing an additional 819 shares during the last quarter. Swiss National Bank grew its position in shares of Hut 8 by 1.4% in the first quarter. Swiss National Bank now owns 163,440 shares of the company's stock valued at $1,899,000 after purchasing an additional 2,200 shares during the last quarter. State of Wyoming acquired a new stake in shares of Hut 8 in the first quarter valued at approximately $32,000. US Bancorp DE grew its position in shares of Hut 8 by 3,961.7% in the first quarter. US Bancorp DE now owns 3,290 shares of the company's stock valued at $38,000 after purchasing an additional 3,209 shares during the last quarter. Finally, SBI Securities Co. Ltd. grew its position in shares of Hut 8 by 51.7% in the first quarter. SBI Securities Co. Ltd. now owns 9,468 shares of the company's stock valued at $110,000 after purchasing an additional 3,228 shares during the last quarter. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Hut 8 Stock Performance

Shares of HUT stock traded up $0.48 during mid-day trading on Friday, reaching $32.44. The company's stock had a trading volume of 3,811,474 shares, compared to its average volume of 5,536,389. The company's 50 day simple moving average is $23.25 and its 200-day simple moving average is $17.61. Hut 8 Corp. has a 12-month low of $10.04 and a 12-month high of $32.83. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.81 and a current ratio of 1.81.

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

Wall Street Analyst Weigh In

Several analysts have recently commented on HUT shares. Canaccord Genuity Group increased their price target on shares of Hut 8 from $32.00 to $36.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Citizens Jmp upgraded shares of Hut 8 to a "strong-buy" rating and set a $25.00 price target on the stock in a research report on Thursday, May 22nd. BTIG Research raised their target price on shares of Hut 8 from $25.00 to $33.00 and gave the stock a "buy" rating in a research report on Tuesday. Roth Capital assumed coverage on shares of Hut 8 in a research report on Friday, June 6th. They set a "buy" rating and a $25.00 target price on the stock. Finally, Northland Securities set a $26.00 target price on shares of Hut 8 in a research report on Friday, July 11th. Four equities research analysts have rated the stock with a Strong Buy rating and fifteen have assigned a Buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $27.82.

Insider Transactions at Hut 8

In other news, CFO Sean Joseph Glennan sold 6,060 shares of the business's stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $22.09, for a total value of $133,865.40. Following the completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joseph Flinn sold 8,500 shares of the business's stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $26.55, for a total transaction of $225,675.00. Following the completion of the sale, the director directly owned 9,791 shares of the company's stock, valued at $259,951.05. The trade was a 46.47% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 27,129 shares of company stock worth $574,044. Corporate insiders own 11.20% of the company's stock.

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.