Canada Pension Plan Investment Board Makes New $45.30 Million Investment in Hut 8 Corp. $HUT

Canada Pension Plan Investment Board purchased a new position in Hut 8 Corp. (NASDAQ:HUT - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 392,400 shares of the company's stock, valued at approximately $45,301,000. Canada Pension Plan Investment Board owned about 0.32% of Hut 8 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of HUT. BlackRock Inc. bought a new stake in Hut 8 in the 2nd quarter worth about $1,093,294,000. Vanguard Group Inc. lifted its stake in Hut 8 by 3.2% during the 4th quarter. Vanguard Group Inc. now owns 7,978,357 shares of the company's stock valued at $366,526,000 after acquiring an additional 250,320 shares during the period. Northwestern Mutual Wealth Management Co. lifted its stake in 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 valued at $186,629,000 after acquiring an additional 4,062,367 shares during the period. Ameriprise Financial Inc. boosted its holdings in shares of Hut 8 by 20.3% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,991,466 shares of the company's stock valued at $104,133,000 after acquiring an additional 504,652 shares during the last quarter. Finally, SRS Investment Management LLC purchased a new stake in shares of Hut 8 during the 4th quarter valued at about $131,838,000. 31.75% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Northland Securities set a $120.00 price objective on shares of Hut 8 in a 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. Rosenblatt Securities reaffirmed a "buy" rating and issued a $124.00 target price on shares of Hut 8 in a research report on Wednesday, August 5th. B. Riley Financial boosted their target price on shares of Hut 8 from $130.00 to $163.00 and gave the company a "buy" rating in a research note on Monday, August 3rd. Finally, Jefferies Financial Group initiated coverage on Hut 8 in a report on Thursday, May 14th. They set a "buy" rating and a $156.00 price target on the stock. Three equities research 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's stock. According to data from MarketBeat.com, Hut 8 presently has an average rating of "Buy" and a consensus target price of $144.89.

Hut 8 Price Performance

NASDAQ HUT opened at $87.13 on Friday. The company has a 50-day moving average price of $99.78 and a 200-day moving average price of $85.07. Hut 8 Corp. has a 52 week low of $24.20 and a 52 week high of $140.80. The company has a quick ratio of 19.35, a current ratio of 19.35 and a debt-to-equity ratio of 4.22. The firm has a market capitalization of $10.74 billion, a P/E ratio of -15.99 and a beta of 4.64.

Hut 8 (NASDAQ:HUT - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $72.66 million during the quarter, compared to analysts' expectations 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 period in the previous year, the business posted $1.18 EPS. Equities research analysts anticipate that Hut 8 Corp. will post -2.85 earnings per share for the current year.

Insiders Place Their Bets

In other Hut 8 news, insider Victor Semah sold 10,000 shares of the stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $125.00, for a total value of $1,250,000.00. Following the transaction, the insider directly owned 31,378 shares in the company, valued at approximately $3,922,250. This trade 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 is accessible through this hyperlink. Also, Director Joseph Flinn sold 30,500 shares of Hut 8 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 $2,119,437.98. This represents 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. Over the last ninety days, insiders have sold 54,664 shares of company stock worth $6,212,160. Company insiders own 10.40% of the company's stock.

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.

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