Charles Schwab Investment Management Inc. Boosts 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. boosted its holdings in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) by 2.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,039,169 shares of the company's stock after purchasing an additional 27,477 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 1.00% of Hut 8 worth $12,075,000 at the end of the most recent reporting period.

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

Hut 8 Trading Up 2.5%

NASDAQ:HUT traded up $0.66 on Thursday, reaching $27.01. The company's stock had a trading volume of 2,828,280 shares, compared to its average volume of 5,630,910. Hut 8 Corp. has a 12-month low of $8.73 and a 12-month high of $31.95. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.81 and a quick ratio of 1.81. The stock has a 50 day moving average price of $20.98 and a 200 day moving average price of $16.88.

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

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on HUT. Canaccord Genuity Group raised their target price on Hut 8 from $32.00 to $36.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Roth Capital began coverage on Hut 8 in a research report on Friday, June 6th. They issued a "buy" rating and a $25.00 target price on the stock. Maxim Group raised their target price on Hut 8 from $23.00 to $30.00 and gave the company a "buy" rating in a research report on Monday, August 11th. Citizens Jmp upgraded Hut 8 to a "strong-buy" rating and set a $25.00 price objective on the stock in a research report on Thursday, May 22nd. Finally, JMP Securities started coverage on Hut 8 in a research report on Thursday, May 22nd. They set a "market outperform" rating and a $25.00 price objective on the stock. Four analysts have rated the stock with a Strong Buy rating and fifteen have issued a Buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $26.94.

Insiders Place Their Bets

In other Hut 8 news, CFO Sean Joseph Glennan sold 6,060 shares of Hut 8 stock in a transaction 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 sale, the chief financial officer owned 6,295 shares in the company, valued at $139,056.55. The trade was a 49.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Joseph Flinn sold 11,069 shares of Hut 8 stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $15.77, for a total value of $174,558.13. Following the completion of the sale, the director directly owned 19,791 shares of the company's stock, valued at $312,104.07. The trade was a 35.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. 11.20% of the stock is owned by insiders.

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.