Baird Financial Group Inc. Buys New Shares in Hut 8 Corp. $HUT

Key Points

• Baird Financial Group Inc. acquired a new stake in Hut 8 Corp., purchasing 31,000 shares valued at approximately $360,000 during the first quarter.
• Analysts have positive outlooks, with several raising price targets; Maxim Group increased its target from $23 to $30, maintaining a "buy" rating for the stock.
• Hut 8 reported a quarterly earnings per share of ($0.14), surpassing the consensus estimate of ($0.15), while the company generated revenue of $41.72 million.

Baird Financial Group Inc. acquired a new stake in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 31,000 shares of the company's stock, valued at approximately $360,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. State of Wyoming bought a new stake in shares of Hut 8 during the first quarter valued at approximately $32,000. Harvest Portfolios Group Inc. boosted its stake in Hut 8 by 18.0% in the 1st quarter. Harvest Portfolios Group Inc. now owns 28,405 shares of the company's stock valued at $330,000 after buying an additional 4,326 shares in the last quarter. Banco Bilbao Vizcaya Argentaria S.A. boosted its stake in Hut 8 by 256.6% in the 1st quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 51,621 shares of the company's stock valued at $601,000 after buying an additional 37,147 shares in the last quarter. Quantbot Technologies LP acquired a new stake in Hut 8 in the 1st quarter valued at $95,000. Finally, Ethos Financial Group LLC acquired a new stake in Hut 8 in the 1st quarter valued at $137,000. 31.75% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently commented on HUT shares. Maxim Group boosted their price target on Hut 8 from $23.00 to $30.00 and gave the company a "buy" rating in a research note on Monday, August 11th. Roth Capital started coverage on Hut 8 in a research note on Friday, June 6th. They issued a "buy" rating and a $25.00 price target on the stock. Citigroup initiated coverage on Hut 8 in a research note on Thursday, May 22nd. They issued an "outperform" rating on the stock. Rosenblatt Securities reduced their price objective on Hut 8 from $24.00 to $23.00 and set a "buy" rating on the stock in a research note on Monday, August 11th. Finally, Canaccord Genuity Group boosted their price objective on Hut 8 from $32.00 to $36.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Four equities research analysts have rated the stock with a Strong Buy rating and fifteen have assigned a Buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $27.82.

Hut 8 Stock Up 3.3%

Shares of Hut 8 stock opened at $31.96 on Friday. Hut 8 Corp. has a 1 year low of $10.04 and a 1 year high of $32.22. The business has a 50-day moving average of $23.04 and a two-hundred day moving average of $17.49. 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 posted 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. Hut 8 had a return on equity of 8.73% and a net margin of 112.81%.The company had revenue of $41.72 million during the quarter, compared to analysts' expectations of $49.10 million. Analysts anticipate that Hut 8 Corp. will post -0.53 EPS for the current year.

Insider Activity at Hut 8

In related news, Director Joseph Flinn sold 11,069 shares of the stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $15.77, for a total transaction of $174,558.13. Following the completion of the transaction, the director directly owned 19,791 shares of the company's stock, valued at approximately $312,104.07. This represents a 35.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Sean Joseph Glennan sold 6,060 shares of the company's stock in a transaction that occurred on 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 in the company, valued at $139,056.55. This represents a 49.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 27,129 shares of company stock valued at $574,044 over the last three months. Insiders own 11.20% of the company's stock.

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.

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