Bank of America Corp DE Acquires New Stake in Hut 8 Corp. $HUT

Key Points

• Bank of America acquired 443,382 Hut 8 shares worth approximately $51.2 million during the second quarter, representing about 0.36% of the company. Overall, institutional investors own 31.75% of Hut 8.
• Hut 8 reported weaker-than-expected quarterly results, posting a $1.27 loss per share versus the $0.55 consensus estimate and revenue of $74.93 million, below forecasts of $79.37 million.
• Analyst sentiment remains broadly positive, with a consensus “Buy” rating and a $146.40 price target, although Weiss Ratings downgraded the stock to “sell.” Shares opened at $98.74, while the CFO separately sold shares to cover tax obligations.

Bank of America Corp DE bought a new position in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 443,382 shares of the company's stock, valued at approximately $51,186,000. Bank of America Corp DE owned approximately 0.36% of Hut 8 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Gallagher Fiduciary Advisors LLC acquired a new position in shares of Hut 8 in the second quarter valued at approximately $480,000. Man Group plc purchased a new stake in shares of Hut 8 during the second quarter worth $7,558,000. Jupiter Topco LLC acquired a new stake in shares of Hut 8 in the second quarter valued at $8,516,000. Hsbc Holdings PLC acquired a new stake in shares of Hut 8 in the second quarter valued at $351,000. Finally, Dayah Capital LLC purchased a new position in Hut 8 in the second quarter valued at $7,634,000. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

Hut 8 Stock Performance

Shares of Hut 8 stock opened at $98.74 on Monday. The company has a current ratio of 19.35, a quick ratio of 19.35 and a debt-to-equity ratio of 4.22. The company has a fifty day simple moving average of $93.03 and a 200-day simple moving average of $89.05. The stock has a market cap of $12.17 billion, a price-to-earnings ratio of -18.12 and a beta of 4.51. Hut 8 Corp. has a 12-month low of $31.67 and a 12-month high of $140.80.

Hut 8 (NASDAQ:HUT - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported ($1.27) EPS for the quarter, missing analysts' consensus estimates of ($0.55) by ($0.72). The firm had revenue of $74.93 million for the quarter, compared to analyst estimates of $79.37 million. Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%.During the same quarter last year, the firm posted $1.18 EPS. On average, equities analysts forecast that Hut 8 Corp. will post -2.85 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

HUT has been the subject of several recent research reports. Compass Point set a $195.00 price objective on Hut 8 in a research note on Wednesday, July 22nd. Freedom Broker upgraded shares of Hut 8 to a "strong-buy" rating in a research note on Tuesday, August 18th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $124.00 target price on shares of Hut 8 in a report on Wednesday, August 5th. Wells Fargo & Company began coverage on shares of Hut 8 in a research note on Thursday. They issued an "overweight" rating and a $175.00 price target for the company. Finally, Weiss Ratings cut shares of Hut 8 from a "hold (c-)" rating to a "sell (d+)" rating in a report on Wednesday, August 19th. Four analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $146.40.

Insider Buying and Selling

In other Hut 8 news, CFO Sean Glennan sold 6,445 shares of Hut 8 stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $78.76, for a total value of $507,608.20. Following the sale, the chief financial officer owned 17,978 shares of the company's stock, valued at approximately $1,415,947.28. The trade was a 26.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 10.40% of the stock is currently owned by insiders.

Hut 8 Company Profile

Hut 8 Corp. NASDAQ: HUT is a North American energy infrastructure and digital asset mining company. The company develops and operates data centers, power-generation resources and other infrastructure that support energy-intensive computing applications, including Bitcoin mining.

Hut 8 also provides services related to digital asset mining and data center operations, while pursuing opportunities in high-performance computing and artificial intelligence infrastructure. Its business is supported by a portfolio of power and data center sites in the United States and Canada.

The company was formed through the combination of Canadian Bitcoin miner Hut 8 Mining Corp.

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