Charles Schwab Investment Management Inc. Raises Stock Position in Hut 8 Corp. $HUT

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Hut 8 Corp. by 2.7%, owning approximately 1.00% of the company valued at $12.08 million.
• Hut 8's shares rose by 10.5%, trading at $25.91, with significant trading volume of 8,833,834 shares compared to its average of 4,972,261.
• Analysts have upgraded Hut 8's ratings, with a consensus target price of $26.94 and several analysts issuing Strong Buy recommendations.

Charles Schwab Investment Management Inc. increased its holdings in Hut 8 Corp. (NASDAQ:HUT - Free Report) by 2.7% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,039,169 shares of the company's stock after buying an additional 27,477 shares during the period. Charles Schwab Investment Management Inc. owned 1.00% of Hut 8 worth $12,075,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in HUT. Optiver Holding B.V. bought a new position in shares of Hut 8 during the fourth quarter valued at about $35,000. US Bancorp DE grew its stake in shares of Hut 8 by 3,961.7% during the first quarter. US Bancorp DE now owns 3,290 shares of the company's stock valued at $38,000 after buying an additional 3,209 shares during the last quarter. Russell Investments Group Ltd. grew its stake in shares of Hut 8 by 832.4% during the fourth quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company's stock valued at $42,000 after buying an additional 1,823 shares during the last quarter. NewEdge Advisors LLC grew its stake in shares of Hut 8 by 1,568.0% during the fourth quarter. NewEdge Advisors LLC now owns 3,336 shares of the company's stock valued at $68,000 after buying an additional 3,136 shares during the last quarter. Finally, SBI Securities Co. Ltd. grew its stake in shares of Hut 8 by 51.7% during the first quarter. SBI Securities Co. Ltd. now owns 9,468 shares of the company's stock valued at $110,000 after buying an additional 3,228 shares during the last quarter. Hedge funds and other institutional investors own 31.75% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. JMP Securities assumed coverage on shares of Hut 8 in a research report on Thursday, May 22nd. They set a "market outperform" rating and a $25.00 price target for the company. Canaccord Genuity Group upped their price objective on shares of Hut 8 from $32.00 to $36.00 and gave the company a "buy" rating in a research note on Wednesday, August 20th. Needham & Company LLC reaffirmed a "buy" rating and set a $21.00 price objective on shares of Hut 8 in a research note on Friday, May 9th. Maxim Group upped their price objective on shares of Hut 8 from $23.00 to $30.00 and gave the company a "buy" rating in a research note on Monday, August 11th. Finally, B. Riley initiated coverage on shares of Hut 8 in a research note on Wednesday, May 14th. They set a "buy" rating and a $25.00 price objective for the company. Four equities research analysts have rated the stock with a Strong Buy rating and fifteen have assigned a Buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $26.94.

Hut 8 Stock Up 0.8%

HUT traded up $0.22 on Friday, hitting $26.73. 4,091,540 shares of the company traded hands, compared to its average volume of 5,200,502. The company has a 50 day moving average of $21.37 and a 200-day moving average of $16.97. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 0.19. Hut 8 Corp. has a 12-month low of $8.73 and a 12-month high of $31.95.

Hut 8 (NASDAQ:HUT - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.01. Hut 8 had a return on equity of 8.73% and a net margin of 112.81%.The firm had revenue of $41.72 million during the quarter, compared to the consensus estimate of $49.10 million. As a group, analysts predict that Hut 8 Corp. will post -0.53 earnings per share for the current year.

Insider Activity at Hut 8

In other news, Director Joseph Flinn sold 8,500 shares of the business's stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $26.55, for a total transaction of $225,675.00. Following the sale, the director owned 9,791 shares of the company's stock, valued at $259,951.05. The trade was a 46.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Sean Joseph Glennan sold 6,060 shares of Hut 8 stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $22.09, for a total value of $133,865.40. Following the transaction, the chief financial officer owned 6,295 shares of the company's stock, valued at $139,056.55. This represents a 49.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 27,129 shares of company stock worth $574,044 in the last three months. Corporate insiders own 11.20% of the company's stock.

About Hut 8

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.