Banco Bilbao Vizcaya Argentaria S.A. Grows Stock Position in Hut 8 Corp. $HUT

Key Points

• Banco Bilbao Vizcaya Argentaria S.A. significantly increased its stake in Hut 8 Corp. by 256.6% during the 1st quarter, now owning 51,621 shares valued at approximately $601,000.
• Hut 8's stock has seen a rise of 9.4%, with current trading around $23.37 and a twelve-month high of $31.95, indicating a solid market performance.
• Analysts are optimistic about Hut 8, with several firms setting price targets around $25 to $26.94, and a consensus rating of "Buy" from multiple equities research analysts.

Banco Bilbao Vizcaya Argentaria S.A. raised its position in Hut 8 Corp. (NASDAQ:HUT - Free Report) by 256.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 51,621 shares of the company's stock after acquiring an additional 37,147 shares during the quarter. Banco Bilbao Vizcaya Argentaria S.A.'s holdings in Hut 8 were worth $601,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Jericho Capital Asset Management L.P. purchased a new position in shares of Hut 8 in the fourth quarter valued at $37,400,000. D. E. Shaw & Co. Inc. purchased a new position in Hut 8 in the 4th quarter valued at about $27,115,000. Voloridge Investment Management LLC acquired a new stake in shares of Hut 8 during the fourth quarter valued at about $24,170,000. Massachusetts Financial Services Co. MA grew its stake in shares of Hut 8 by 181.2% during the first quarter. Massachusetts Financial Services Co. MA now owns 1,287,163 shares of the company's stock valued at $14,957,000 after acquiring an additional 829,484 shares in the last quarter. Finally, Two Seas Capital LP increased its position in shares of Hut 8 by 132.7% during the fourth quarter. Two Seas Capital LP now owns 476,808 shares of the company's stock worth $9,770,000 after acquiring an additional 271,892 shares during the last quarter. 31.75% of the stock is owned by institutional investors and hedge funds.

Hut 8 Stock Up 9.4%

Shares of NASDAQ HUT opened at $23.37 on Friday. The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 0.19. Hut 8 Corp. has a twelve month low of $8.73 and a twelve month high of $31.95. The business has a 50 day simple moving average of $20.51 and a 200-day simple moving average of $16.77.

Hut 8 (NASDAQ:HUT - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.14) earnings per share (EPS) 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 firm had revenue of $41.72 million for the quarter, compared to analysts' expectations of $49.10 million. Analysts expect that Hut 8 Corp. will post -0.53 EPS for the current year.

Insider Activity at Hut 8

In other news, Director Joseph Flinn sold 11,069 shares of Hut 8 stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $15.77, for a total value 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. The trade was a 35.87% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 11.20% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently commented on HUT shares. Citigroup assumed coverage on Hut 8 in a report on Thursday, May 22nd. They issued an "outperform" rating for the company. B. Riley initiated coverage on Hut 8 in a research note on Wednesday, May 14th. They set a "buy" rating and a $25.00 target price for the company. HC Wainwright reissued a "buy" rating and set a $25.00 price target on shares of Hut 8 in a research report on Friday, May 9th. Needham & Company LLC restated a "buy" rating and issued a $21.00 price target on shares of Hut 8 in a research note on Friday, May 9th. Finally, Northland Securities set a $26.00 price objective on shares of Hut 8 in a research note 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. According to MarketBeat, Hut 8 presently has an average rating of "Buy" and an average price target of $26.94.

Hut 8 Company 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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