Bank of America Corp DE Boosts Holdings in Hut 8 Corp. (NASDAQ:HUT)

Bank of America Corp DE increased its position in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) by 16.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 146,500 shares of the company's stock after purchasing an additional 21,058 shares during the period. Bank of America Corp DE owned approximately 0.16% of Hut 8 worth $3,002,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Hut 8 by 3.9% during the 4th quarter. Vanguard Group Inc. now owns 6,459,385 shares of the company's stock worth $132,352,000 after buying an additional 245,113 shares in the last quarter. Jericho Capital Asset Management L.P. purchased a new position in Hut 8 during the 4th quarter valued at about $37,400,000. BIT Capital GmbH raised its holdings in shares of Hut 8 by 11.5% in the 4th quarter. BIT Capital GmbH now owns 1,818,456 shares of the company's stock valued at $37,260,000 after purchasing an additional 187,773 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Hut 8 in the 4th quarter worth approximately $23,009,000. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Hut 8 by 21.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,011,692 shares of the company's stock worth $20,730,000 after purchasing an additional 178,527 shares during the period. 31.75% of the stock is currently owned by institutional investors.

Hut 8 Trading Up 0.2%

Shares of NASDAQ:HUT traded up $0.03 during trading on Wednesday, hitting $16.09. The company's stock had a trading volume of 845,704 shares, compared to its average volume of 5,844,763. Hut 8 Corp. has a fifty-two week low of $8.73 and a fifty-two week high of $31.95. The business has a 50 day moving average price of $13.64 and a two-hundred day moving average price of $18.59. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00.

Hut 8 (NASDAQ:HUT - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.06). The business had revenue of $20.88 million for the quarter, compared to the consensus estimate of $33.68 million. On average, sell-side analysts forecast that Hut 8 Corp. will post -0.53 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Victor Semah sold 11,363 shares of the company'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 transaction, the insider now owns 15,738 shares of the company's stock, valued at $203,807.10. This represents a 41.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 11.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have recently commented on HUT shares. Benchmark reduced their price target on Hut 8 from $41.00 to $33.00 and set a "buy" rating for the company in a research report on Wednesday, April 2nd. Maxim Group started coverage on shares of Hut 8 in a report on Thursday, May 1st. They issued a "buy" rating and a $20.00 target price for the company. Rosenblatt Securities began coverage on shares of Hut 8 in a research report on Friday, March 7th. They set a "buy" rating and a $23.00 price target for the company. HC Wainwright reaffirmed a "buy" rating and issued a $25.00 price objective on shares of Hut 8 in a research report on Friday, May 9th. Finally, Canaccord Genuity Group reiterated a "buy" rating and set a $32.00 price objective on shares of Hut 8 in a research note on Monday, May 12th. Fifteen investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $25.81.

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.