Cibc World Market Inc. Boosts Stock Position in Hut 8 Corp. $HUT

Key Points

• CIBC World Markets increased its Hut 8 stake by 372.6% in the fourth quarter, ending with 35,410 shares valued at about $1.63 million. Several other institutional investors also added to their positions, and institutions now own 31.75% of the company.
• Hut 8 stock was down 5.8% in Wednesday trading and was last quoted at $112.65, with a market cap of $12.68 billion. The shares have ranged from a 52-week low of $15.26 to a high of $140.80.
• The company’s latest earnings missed expectations, reporting EPS of -$1.98 versus the estimated -$0.33, even though revenue of $139.31 million beat forecasts. Despite the miss, analysts remain broadly positive, with 17 Buy ratings and an average price target of $107.72.

Cibc World Market Inc. raised its stake in Hut 8 Corp. (NASDAQ:HUT - Free Report) by 372.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 35,410 shares of the company's stock after purchasing an additional 27,917 shares during the period. Cibc World Market Inc.'s holdings in Hut 8 were worth $1,627,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in HUT. Millennium Management LLC boosted its holdings in Hut 8 by 11.9% in the first quarter. Millennium Management LLC now owns 330,416 shares of the company's stock worth $3,839,000 after acquiring an additional 35,120 shares in the last quarter. Prudential Financial Inc. acquired a new stake in Hut 8 in the second quarter worth about $216,000. Russell Investments Group Ltd. boosted its holdings 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 acquiring an additional 1,719 shares in the last quarter. New York State Common Retirement Fund boosted its holdings in Hut 8 by 19.9% in the second quarter. New York State Common Retirement Fund now owns 32,540 shares of the company's stock worth $605,000 after acquiring an additional 5,400 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in Hut 8 by 13.2% in the second quarter. Invesco Ltd. now owns 1,067,985 shares of the company's stock worth $19,865,000 after acquiring an additional 124,439 shares in the last quarter. Institutional investors and hedge funds own 31.75% of the company's stock.

Hut 8 Trading Down 5.8%

Hut 8 stock opened at $112.65 on Wednesday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.12. Hut 8 Corp. has a 52 week low of $15.26 and a 52 week high of $140.80. The company has a market capitalization of $12.68 billion, a price-to-earnings ratio of -37.55 and a beta of 4.61. The stock has a 50-day moving average price of $88.82 and a 200 day moving average price of $64.16.

Hut 8 (NASDAQ:HUT - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported ($1.98) EPS for the quarter, missing analysts' consensus estimates of ($0.33) by ($1.65). Hut 8 had a negative return on equity of 0.35% and a negative net margin of 109.77%.The firm had revenue of $139.31 million for the quarter, compared to analyst estimates of $78.53 million. Sell-side analysts anticipate that Hut 8 Corp. will post -1.29 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Rosenblatt Securities raised their price target on Hut 8 from $89.00 to $124.00 and gave the stock a "buy" rating in a report on Friday, May 8th. Northland Securities set a $120.00 price target on Hut 8 in a report on Thursday, May 7th. Piper Sandler lifted their target price on Hut 8 from $93.00 to $127.00 and gave the stock an "overweight" rating in a report on Wednesday, May 6th. Cantor Fitzgerald lifted their target price on Hut 8 from $68.00 to $80.00 and gave the stock an "overweight" rating in a report on Thursday, April 9th. Finally, Canaccord Genuity Group lifted their target price on Hut 8 from $70.00 to $130.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. Seventeen equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $107.72.

Insider Activity at Hut 8

In related news, insider Victor Semah sold 10,518 shares of Hut 8 stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $76.83, for a total transaction of $808,097.94. Following the completion of the transaction, the insider directly owned 41,378 shares in the company, valued at approximately $3,179,071.74. This trade represents a 20.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Rick Rickertsen sold 17,491 shares of Hut 8 stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $110.00, for a total value of $1,924,010.00. Following the transaction, the director owned 17,491 shares of the company's stock, valued at approximately $1,924,010. This represents a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 64,505 shares of company stock worth $6,479,788. 10.40% of the stock is owned by corporate 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.

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