Banco Bilbao Vizcaya Argentaria S.A. Has $601,000 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. increased its stake in Hut 8 Corp. (NASDAQ:HUT - Free Report) by 256.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 51,621 shares of the company's stock after purchasing an additional 37,147 shares during the quarter. Banco Bilbao Vizcaya Argentaria S.A.'s holdings in Hut 8 were worth $601,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. Quantbot Technologies LP purchased a new position in Hut 8 in the 1st quarter worth about $95,000. Ethos Financial Group LLC purchased a new position in Hut 8 in the 1st quarter worth about $137,000. Cresset Asset Management LLC purchased a new position in Hut 8 in the 1st quarter worth about $692,000. RR Advisors LLC purchased a new position in Hut 8 in the 1st quarter worth about $518,000. Finally, Nuveen LLC purchased a new position in Hut 8 in the 1st quarter worth about $2,508,000. Hedge funds and other institutional investors own 31.75% of the company's stock.

Hut 8 Price Performance

Shares of Hut 8 stock traded down $0.28 during midday trading on Friday, reaching $26.23. 1,588,537 shares of the company's stock traded hands, compared to its average volume of 5,616,067. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 0.19. Hut 8 Corp. has a 52 week low of $8.73 and a 52 week high of $31.95. The company's 50 day simple moving average is $21.17 and its 200 day simple moving average is $16.92.

Hut 8 (NASDAQ:HUT - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.14) EPS 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 the consensus estimate of $49.10 million. Hut 8 had a net margin of 112.81% and a return on equity of 8.73%. Equities analysts forecast that Hut 8 Corp. will post -0.53 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on HUT. Roth Capital began 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. Rosenblatt Securities dropped their target price on Hut 8 from $24.00 to $23.00 and set a "buy" rating on the stock in a report on Monday, August 11th. HC Wainwright reaffirmed a "buy" rating and set a $25.00 price objective on shares of Hut 8 in a research report on Friday, May 9th. Northland Securities set a $26.00 target price on shares of Hut 8 in a research report on Friday, July 11th. Finally, Citizens Jmp raised shares of Hut 8 to a "strong-buy" rating and set a $25.00 target price for the company in a research note on Thursday, May 22nd. Four investment analysts have rated the stock with a Strong Buy rating and fifteen have issued a Buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $26.94.

Insider Buying and Selling at Hut 8

In other Hut 8 news, CFO Sean Joseph Glennan sold 6,060 shares of the stock in a transaction on Monday, August 25th. The shares were sold at an average price of $22.09, for a total transaction of $133,865.40. Following the transaction, the chief financial officer directly owned 6,295 shares of the company's stock, valued at $139,056.55. This represents a 49.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Joseph Flinn sold 11,069 shares of the stock in a transaction 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 transaction, the director directly owned 19,791 shares in the company, valued at $312,104.07. The trade was a 35.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate 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.