Clearline Capital LP Takes $386,000 Position in Hut 8 Corp. $HUT

Key Points

• Clearline Capital LP invested approximately $386,000 in Hut 8 Corp. by acquiring 33,201 shares during the first quarter.
• Several analysts have given Hut 8 a Buy rating, with price targets ranging from $23.00 to $36.00, while the stock currently has an average target of $26.94.
• Insider activity included substantial sales, with a director and CFO selling a total of 14,560 shares, indicating a decrease in insider positions within the company.

Clearline Capital LP bought a new position in Hut 8 Corp. (NASDAQ:HUT - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 33,201 shares of the company's stock, valued at approximately $386,000.

A number of other large investors have also bought and sold shares of the company. Millennium Management LLC increased its position 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 buying an additional 35,120 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Hut 8 by 74.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,104,612 shares of the company's stock worth $12,835,000 after buying an additional 471,355 shares during the last quarter. Paloma Partners Management Co purchased a new stake in Hut 8 in the first quarter worth $2,363,000. Northern Right Capital Management L.P. increased its position in Hut 8 by 44.2% in the first quarter. Northern Right Capital Management L.P. now owns 656,330 shares of the company's stock worth $7,627,000 after buying an additional 201,330 shares during the last quarter. Finally, Graham Capital Management L.P. purchased a new position in shares of Hut 8 in the first quarter valued at $539,000. 31.75% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Hut 8

In other news, CFO Sean Joseph Glennan sold 6,060 shares of the company's stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $22.09, for a total value of $133,865.40. Following the completion of the transaction, the chief financial officer directly owned 6,295 shares in the company, valued at approximately $139,056.55. This represents a 49.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joseph Flinn sold 11,069 shares of the company's stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $15.77, for a total value of $174,558.13. Following the completion of the transaction, the director 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. Insiders sold a total of 27,129 shares of company stock valued at $574,044 over the last quarter. Company insiders own 11.20% of the company's stock.

Hut 8 Stock Up 1.5%

Hut 8 stock traded up $0.48 during midday trading on Friday, hitting $32.44. 3,811,474 shares of the company's stock were exchanged, compared to its average volume of 5,536,389. Hut 8 Corp. has a 52-week low of $10.04 and a 52-week high of $32.83. The stock has a 50-day moving average price of $23.25 and a two-hundred day moving average price of $17.61. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.81 and a quick ratio of 1.81.

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, topping 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 business had revenue of $41.72 million during the quarter, compared to analysts' expectations of $49.10 million. As a group, sell-side analysts forecast that Hut 8 Corp. will post -0.53 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on HUT shares. Maxim Group lifted their price target on Hut 8 from $23.00 to $30.00 and gave the company a "buy" rating in a research report on Monday, August 11th. Canaccord Genuity Group lifted their price target on Hut 8 from $32.00 to $36.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Citizens Jmp upgraded Hut 8 to a "strong-buy" rating and set a $25.00 price target for the company in a research report on Thursday, May 22nd. JMP Securities started coverage on Hut 8 in a research report on Thursday, May 22nd. They issued a "market outperform" rating and a $25.00 price target for the company. Finally, Citigroup started coverage on Hut 8 in a research report on Thursday, May 22nd. They issued an "outperform" rating for the company. Four investment analysts have rated the stock with a Strong Buy rating and fifteen have issued a Buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $27.82.

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.