Bank of New York Mellon Corp Takes Position in Hut 8 Corp. $HUT

Key Points

• Bank of New York Mellon acquired 363,739 Hut 8 shares worth approximately $42 million, giving it a 0.32% stake. Institutional investors collectively own 31.75% of the company.
• Analysts remain broadly bullish, with an average “Buy” rating and a consensus price target of $144.89, despite Hut 8’s latest quarterly loss of $1.27 per share and revenue missing estimates.
• Hut 8 shares opened at $79.42 after an 8.8% decline; the stock has traded between $24.20 and $140.80 over the past year. Insiders have sold $6.2 million of stock in the last 90 days, primarily to cover tax obligations on vested equity awards.

Bank of New York Mellon Corp acquired a new position in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 363,739 shares of the company's stock, valued at approximately $41,992,000. Bank of New York Mellon Corp owned 0.32% of Hut 8 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Arlington Trust Co LLC grew its holdings in Hut 8 by 175.0% during the 2nd quarter. Arlington Trust Co LLC now owns 275 shares of the company's stock worth $32,000 after acquiring an additional 175 shares in the last quarter. Imprint Wealth LLC acquired a new position in Hut 8 in the fourth quarter worth about $38,000. Russell Investments Group Ltd. grew its stake in Hut 8 by 235.8% in the second quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company's stock worth $46,000 after purchasing an additional 1,719 shares in the last quarter. Harbor Investment Advisory LLC bought a new stake in Hut 8 in the first quarter valued at about $47,000. Finally, Activest Wealth Management bought a new stake in Hut 8 in the fourth quarter valued at about $49,000. Hedge funds and other institutional investors own 31.75% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on HUT shares. Rosenblatt Securities reaffirmed a "buy" rating and issued a $124.00 price target on shares of Hut 8 in a research note on Wednesday, August 5th. Freedom Capital upgraded Hut 8 to a "strong-buy" rating in a research report on Tuesday, August 18th. Compass Point set a $195.00 price target on Hut 8 in a research note on Wednesday, July 22nd. Jefferies Financial Group assumed coverage on Hut 8 in a research report on Thursday, May 14th. They set a "buy" rating and a $156.00 price target on the stock. Finally, BTIG Research boosted their price objective on Hut 8 from $115.00 to $150.00 and gave the stock a "buy" rating in a research note on Wednesday, June 24th. Three analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $144.89.

Insiders Place Their Bets

In related news, CFO Sean Joseph Glennan sold 6,445 shares of the firm's stock in a transaction on Monday, August 24th. The shares were sold at an average price of $78.76, for a total value of $507,608.20. Following the completion of the transaction, the chief financial officer directly owned 17,978 shares of the company's stock, valued at approximately $1,415,947.28. This trade represents a 26.39% decrease in their ownership of the stock. The transaction was disclosed in a filing 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. Also, Director Joseph Flinn sold 30,500 shares of the business's stock in a transaction 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 transaction, the director owned 18,238 shares in the company, valued at approximately $2,119,437.98. The trade was a 62.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 54,664 shares of company stock valued at $6,212,160 in the last 90 days. 10.40% of the stock is currently owned by insiders.

Hut 8 Trading Down 8.8%

Hut 8 stock opened at $79.42 on Friday. The company has a debt-to-equity ratio of 4.22, a current ratio of 19.35 and a quick ratio of 19.35. The firm has a 50-day moving average of $98.87 and a 200-day moving average of $85.03. The company has a market cap of $9.79 billion, a price-to-earnings ratio of -14.57 and a beta of 4.64. Hut 8 Corp. has a one year low of $24.20 and a one year high of $140.80.

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

Hut 8 Profile

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.

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