Clearline Capital LP Invests $5.34 Million in Hut 8 Corp. $HUT

Key Points

• Clearline Capital LP opened a new position in Hut 8 during the fourth quarter, buying 116,200 shares worth about $5.34 million.
• Hut 8 shares were down 2.1% in Thursday trading, even though the stock has ranged from a 12-month low of $15.26 to a high of $140.80.
• Analysts remain broadly bullish on Hut 8: 17 rate it a Buy, and the consensus price target is $107.72, while some firms have recently raised their targets sharply.

Clearline Capital LP bought a new position in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 116,200 shares of the company's stock, valued at approximately $5,338,000. Clearline Capital LP owned 0.11% of Hut 8 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Hut 8 by 3.2% during the fourth quarter. Vanguard Group Inc. now owns 7,978,357 shares of the company's stock worth $366,526,000 after buying an additional 250,320 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Hut 8 by 4,669,387.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company's stock worth $186,629,000 after buying an additional 4,062,367 shares during the period. Ameriprise Financial Inc. boosted its stake in shares of Hut 8 by 20.3% during the third quarter. Ameriprise Financial Inc. now owns 2,991,466 shares of the company's stock worth $104,133,000 after buying an additional 504,652 shares during the period. Sachem Head Capital Management LP acquired a new stake in shares of Hut 8 during the fourth quarter worth about $129,780,000. Finally, Value Aligned Research Advisors LLC boosted its stake in shares of Hut 8 by 43.1% during the fourth quarter. Value Aligned Research Advisors LLC now owns 2,788,516 shares of the company's stock worth $128,104,000 after buying an additional 839,521 shares during the period. Institutional investors and hedge funds own 31.75% of the company's stock.

Hut 8 Trading Down 2.1%

Shares of Hut 8 stock opened at $118.88 on Thursday. Hut 8 Corp. has a 12-month low of $15.26 and a 12-month high of $140.80. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.12. The stock has a market cap of $13.38 billion, a PE ratio of -39.63 and a beta of 4.61. The company has a 50-day moving average of $97.20 and a two-hundred day moving average of $67.46.

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

Insider Activity at Hut 8

In other Hut 8 news, Director Amy Marie Wilkinson sold 20,000 shares of the stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $100.78, for a total value of $2,015,600.00. Following the completion of the transaction, the director directly owned 262,136 shares of the company's stock, valued at approximately $26,418,066.08. This trade represents a 7.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Joseph Flinn sold 30,500 shares of the stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $116.21, for a total transaction of $3,544,405.00. Following the completion of the transaction, the director directly owned 18,238 shares of the company's stock, valued at approximately $2,119,437.98. This trade represents a 62.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 102,724 shares of company stock valued at $10,934,340. 10.40% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on HUT. B. Riley Financial increased their target price on shares of Hut 8 from $76.00 to $130.00 and gave the stock a "buy" rating in a research note on Wednesday, May 13th. Cantor Fitzgerald raised their price objective on shares of Hut 8 from $68.00 to $80.00 and gave the company an "overweight" rating in a research report on Thursday, April 9th. Citigroup restated an "outperform" rating on shares of Hut 8 in a research report on Tuesday, April 28th. Jefferies Financial Group started coverage on shares of Hut 8 in a research report on Thursday, May 14th. They issued a "buy" rating and a $156.00 price objective for the company. Finally, Rosenblatt Securities restated a "buy" rating and issued a $124.00 price objective on shares of Hut 8 in a research report on Thursday, June 11th. Seventeen analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $107.72.

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.

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