Connor Clark & Lunn Investment Management Ltd. lowered its holdings in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) by 30.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 618,930 shares of the company's stock after selling 272,900 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.59% of Hut 8 worth $7,192,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also modified their holdings of HUT. Northern Trust Corp raised its holdings in Hut 8 by 4.1% in the 4th quarter. Northern Trust Corp now owns 717,575 shares of the company's stock worth $14,703,000 after acquiring an additional 28,462 shares during the period. Jericho Capital Asset Management L.P. bought a new position in shares of Hut 8 during the 4th quarter worth about $37,400,000. JPMorgan Chase & Co. increased its holdings in shares of Hut 8 by 23.1% during the 4th quarter. JPMorgan Chase & Co. now owns 322,927 shares of the company's stock worth $6,617,000 after purchasing an additional 60,542 shares during the period. Teacher Retirement System of Texas bought a new position in shares of Hut 8 during the 1st quarter worth about $143,000. Finally, Bank of America Corp DE increased its holdings in shares of Hut 8 by 16.8% during the 4th quarter. Bank of America Corp DE now owns 146,500 shares of the company's stock worth $3,002,000 after purchasing an additional 21,058 shares during the period. Institutional investors own 31.75% of the company's stock.
Analysts Set New Price Targets
Several research analysts have recently issued reports on the stock. Roth Capital assumed coverage on shares of Hut 8 in a report on Friday, June 6th. They set a "buy" rating and a $25.00 price objective on the stock. B. Riley started coverage on shares of Hut 8 in a research report on Wednesday, May 14th. They set a "buy" rating and a $25.00 target price on the stock. Needham & Company LLC reiterated a "buy" rating and set a $21.00 target price on shares of Hut 8 in a research report on Friday, May 9th. Northland Capmk upgraded shares of Hut 8 to a "strong-buy" rating in a research report on Monday, April 21st. Finally, Citigroup started coverage on shares of Hut 8 in a research report on Thursday, May 22nd. They set an "outperform" rating on the stock. Fifteen investment analysts have rated the stock with a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $26.71.
View Our Latest Analysis on Hut 8
Insider Buying and Selling at Hut 8
In other news, Director Joseph Flinn sold 11,069 shares of the company's stock in a transaction that occurred 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 transaction, the director owned 19,791 shares in the company, valued at $312,104.07. This represents a 35.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 11.20% of the stock is owned by company insiders.
Hut 8 Stock Performance
NASDAQ:HUT traded up $0.78 during trading hours on Wednesday, hitting $22.36. The stock had a trading volume of 4,837,099 shares, compared to its average volume of 4,367,984. Hut 8 Corp. has a one year low of $8.73 and a one year high of $31.95. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 0.19. The business's 50 day moving average is $19.83 and its 200-day moving average is $16.69.
Hut 8 (NASDAQ:HUT - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.01. The company had revenue of $41.72 million during the quarter, compared to analysts' expectations of $49.10 million. Hut 8 had a net margin of 112.81% and a return on equity of 8.73%. On average, research analysts forecast that Hut 8 Corp. will post -0.53 earnings per share for the current year.
Hut 8 Company Profile
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Free Report)
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.
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