Hut 8 Corp. $HUT Shares Purchased 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 increased its holdings in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) by 241.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 67,432 shares of the company's stock after purchasing an additional 47,689 shares during the period. Arete Wealth Advisors LLC owned 0.06% of Hut 8 worth $784,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. boosted its position in Hut 8 by 7.9% in the 1st quarter. Victory Capital Management Inc. now owns 11,127 shares of the company's stock valued at $129,000 after buying an additional 819 shares during the last quarter. Swiss National Bank boosted its position in Hut 8 by 1.4% in the 1st quarter. Swiss National Bank now owns 163,440 shares of the company's stock valued at $1,899,000 after buying an additional 2,200 shares during the last quarter. State of Wyoming purchased a new position in Hut 8 in the 1st quarter valued at about $32,000. US Bancorp DE boosted its position in Hut 8 by 3,961.7% in the 1st quarter. US Bancorp DE now owns 3,290 shares of the company's stock valued at $38,000 after buying an additional 3,209 shares during the last quarter. Finally, SBI Securities Co. Ltd. boosted its position in Hut 8 by 51.7% in the 1st quarter. SBI Securities Co. Ltd. now owns 9,468 shares of the company's stock valued at $110,000 after buying an additional 3,228 shares during the last quarter. 31.75% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on HUT. Rosenblatt Securities decreased their price objective on shares of Hut 8 from $24.00 to $23.00 and set a "buy" rating for the company in a research report on Monday, August 11th. Citigroup began coverage on shares of Hut 8 in a research report on Thursday, May 22nd. They issued an "outperform" rating for the company. Citizens Jmp raised shares of Hut 8 to a "strong-buy" rating and set a $25.00 price objective for the company in a research report on Thursday, May 22nd. Roth Capital started coverage on shares of Hut 8 in a research report on Friday, June 6th. They issued a "buy" rating and a $25.00 price objective for the company. Finally, Maxim Group upped their target price on shares of Hut 8 from $23.00 to $30.00 and gave the company a "buy" rating in a research note on Monday, August 11th. Four analysts have rated the stock with a Strong Buy rating and fifteen have given a Buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $27.82.

Insider Activity

In related news, Director Joseph Flinn sold 8,500 shares of the stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $26.55, for a total transaction of $225,675.00. Following the sale, the director owned 9,791 shares in the company, valued at $259,951.05. This represents a 46.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Sean Joseph Glennan sold 6,060 shares of the stock in a transaction dated 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 in the company, valued at approximately $139,056.55. This trade represents a 49.05% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 27,129 shares of company stock worth $574,044. 11.20% of the stock is owned by company insiders.

Hut 8 Trading Up 1.2%

Shares of Hut 8 stock traded up $0.38 during trading on Monday, reaching $32.82. The company had a trading volume of 1,472,521 shares, compared to its average volume of 5,640,427. The firm's fifty day moving average is $23.25 and its 200-day moving average is $17.65. 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 Corp. has a fifty-two week low of $10.04 and a fifty-two week high of $33.30.

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

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.