Bank of America Corp DE Reduces Stock Holdings in Hut 8 Corp. $HUT

Key Points

• Bank of America reduced its Hut 8 stake by 6% in the first quarter, selling 51,726 shares and retaining 806,017 shares worth approximately $37.8 million. Institutional investors collectively own 31.75% of HUT.
• Analysts remain broadly bullish, with an average “Buy” rating and a $144.89 price target. Recent targets range from $130 to $263, including Morgan Stanley’s new “Overweight” rating.
• Hut 8 shares opened at $82.95 after falling 8.6%, while the company reported a quarterly loss of $1.27 per share and revenue of $72.66 million—both worse than analyst expectations. Insiders have sold 68,219 shares worth $7.72 million over the past 90 days.

Bank of America Corp DE lowered its stake in Hut 8 Corp. (NASDAQ:HUT - Free Report) by 6.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 806,017 shares of the company's stock after selling 51,726 shares during the period. Bank of America Corp DE owned 0.72% of Hut 8 worth $37,810,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Hut 8 by 3.2% in the fourth quarter. Vanguard Group Inc. now owns 7,978,357 shares of the company's stock worth $366,526,000 after buying an additional 250,320 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Hut 8 by 4,669,387.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company's stock worth $186,629,000 after acquiring an additional 4,062,367 shares during the period. Ameriprise Financial Inc. raised its position in shares of Hut 8 by 20.3% in the 3rd quarter. Ameriprise Financial Inc. now owns 2,991,466 shares of the company's stock worth $104,133,000 after acquiring an additional 504,652 shares in the last quarter. SRS Investment Management LLC bought a new position in shares of Hut 8 in the 4th quarter worth approximately $131,838,000. Finally, Sachem Head Capital Management LP purchased a new position in shares of Hut 8 in the 4th quarter valued at approximately $129,780,000. 31.75% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on HUT. Morgan Stanley started coverage on Hut 8 in a research report on Thursday, July 23rd. They set an "overweight" rating and a $263.00 price target on the stock. Citigroup reiterated an "outperform" rating on shares of Hut 8 in a report on Tuesday, April 28th. Canaccord Genuity Group raised their price objective on Hut 8 from $70.00 to $130.00 and gave the company a "buy" rating in a research report on Thursday, May 7th. Compass Point set a $195.00 target price on shares of Hut 8 in a report on Wednesday, July 22nd. Finally, B. Riley Financial upped their target price on shares of Hut 8 from $130.00 to $163.00 and gave the stock a "buy" rating in a research report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $144.89.

Hut 8 Trading Down 8.6%

NASDAQ HUT opened at $82.95 on Friday. Hut 8 Corp. has a 12 month low of $20.69 and a 12 month high of $140.80. 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 stock's fifty day moving average price is $106.32 and its 200-day moving average price is $83.13. The stock has a market cap of $10.22 billion, a P/E ratio of -15.22 and a beta of 4.64.

Hut 8 (NASDAQ:HUT - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.55) by ($0.72). The firm had revenue of $72.66 million during the quarter, compared to the consensus estimate 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 in the previous year, the firm earned $1.18 EPS. As a group, equities analysts forecast that Hut 8 Corp. will post -2.85 EPS for the current fiscal year.

Insiders Place Their Bets

In other Hut 8 news, insider Victor Semah sold 10,000 shares of the stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $125.00, for a total value of $1,250,000.00. Following the transaction, the insider owned 31,378 shares of the company's stock, valued at approximately $3,922,250. This represents a 24.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joseph Flinn sold 30,500 shares of the firm's stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $116.21, for a total transaction of $3,544,405.00. Following the completion of the transaction, the director directly owned 18,238 shares in the company, valued at approximately $2,119,437.98. The trade was a 62.58% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 68,219 shares of company stock valued at $7,720,152. 10.40% of the stock is owned by insiders.

About Hut 8

Hut 8 Corp., trading on the Nasdaq under the symbol HUT, is a North American digital infrastructure company specializing in cryptocurrency mining and high‐performance computing. Founded in 2017 and headquartered in Toronto, Canada, Hut 8 operates purpose‐built data centers that house fleets of specialized ASIC and GPU servers. Through its flagship mining facilities in Alberta and Ontario, the company leverages low‐cost, low‐carbon power sources—such as hydroelectric and natural gas—to support sustainable bitcoin production.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source