Bank of America Corp DE raised its position in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) by 16.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 146,500 shares of the company's stock after buying an additional 21,058 shares during the quarter. Bank of America Corp DE owned about 0.16% of Hut 8 worth $3,002,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in HUT. Nisa Investment Advisors LLC raised its holdings in Hut 8 by 77.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company's stock valued at $26,000 after buying an additional 545 shares during the period. KBC Group NV bought a new position in Hut 8 during the fourth quarter valued at $69,000. R Squared Ltd purchased a new stake in shares of Hut 8 in the fourth quarter valued at $26,000. Rhumbline Advisers lifted its holdings in shares of Hut 8 by 2.3% in the 4th quarter. Rhumbline Advisers now owns 128,351 shares of the company's stock worth $2,630,000 after acquiring an additional 2,944 shares during the last quarter. Finally, Principal Securities Inc. purchased a new position in shares of Hut 8 during the 4th quarter worth about $45,000. Hedge funds and other institutional investors own 31.75% of the company's stock.
Analysts Set New Price Targets
A number of analysts recently weighed in on HUT shares. Benchmark reduced their price objective on shares of Hut 8 from $41.00 to $33.00 and set a "buy" rating on the stock in a research report on Wednesday, April 2nd. Citigroup began coverage on shares of Hut 8 in a research note on Thursday, May 22nd. They issued an "outperform" rating on the stock. Maxim Group began coverage on shares of Hut 8 in a research report on Thursday, May 1st. They set a "buy" rating and a $20.00 target price on the stock. Northland Capmk upgraded shares of Hut 8 to a "strong-buy" rating in a report on Monday, April 21st. Finally, B. Riley started coverage on Hut 8 in a research report on Wednesday, May 14th. They issued a "buy" rating and a $25.00 price target for the company. Fifteen analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $25.81.
Get Our Latest Analysis on Hut 8
Hut 8 Price Performance
NASDAQ:HUT traded up $0.95 during trading hours on Wednesday, hitting $17.01. The company's stock had a trading volume of 6,655,978 shares, compared to its average volume of 5,874,301. Hut 8 Corp. has a 52-week low of $8.73 and a 52-week high of $31.95. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. The business's 50-day moving average is $13.74 and its two-hundred day moving average is $18.58.
Hut 8 (NASDAQ:HUT - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.06). The firm had revenue of $20.88 million for the quarter, compared to analyst estimates of $33.68 million. As a group, research analysts forecast that Hut 8 Corp. will post -0.53 EPS for the current fiscal year.
Insiders Place Their Bets
In other Hut 8 news, insider Victor Semah sold 11,363 shares of the business's stock in a transaction on Monday, May 5th. The stock was sold at an average price of $12.95, for a total transaction of $147,150.85. Following the sale, the insider now directly owns 15,738 shares in the company, valued at approximately $203,807.10. The trade was a 41.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 11.20% of the stock is currently owned by company insiders.
About Hut 8
(
Free Report)
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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