Covestor Ltd Acquires 21,321 Shares of Hut 8 Corp. $HUT

Key Points

• Covestor Ltd massively increased its stake in Hut 8, buying 21,321 additional shares in the fourth quarter and bringing its total holding to 21,327 shares worth about $980,000.
• Several other institutional investors also adjusted positions in the stock, and institutional ownership now stands at 31.75%; insider selling totaled 54,628 shares over the last 90 days.
• Analysts remain generally bullish, with 17 Buy ratings and a consensus Moderate Buy rating, even though Hut 8 reported a larger-than-expected quarterly loss while revenue beat estimates.

Covestor Ltd grew its stake in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) by 355,350.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 21,327 shares of the company's stock after purchasing an additional 21,321 shares during the quarter. Hut 8 makes up approximately 0.5% of Covestor Ltd's investment portfolio, making the stock its 18th largest position. Covestor Ltd's holdings in Hut 8 were worth $980,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. PNC Financial Services Group Inc. boosted its position in Hut 8 by 101.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,720 shares of the company's stock valued at $79,000 after buying an additional 866 shares during the period. Handelsbanken Fonder AB purchased a new position in shares of Hut 8 during the fourth quarter worth approximately $1,153,000. ProShare Advisors LLC raised its stake in shares of Hut 8 by 11.1% during the fourth quarter. ProShare Advisors LLC now owns 17,908 shares of the company's stock valued at $823,000 after acquiring an additional 1,788 shares in the last quarter. HighTower Advisors LLC bought a new stake in shares of Hut 8 during the fourth quarter valued at approximately $257,000. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Hut 8 by 4,669,387.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company's stock valued at $186,629,000 after purchasing an additional 4,062,367 shares during the period. 31.75% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Victor Semah sold 10,518 shares of the stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $76.83, for a total transaction of $808,097.94. Following the completion of the sale, the insider owned 41,378 shares of the company's stock, valued at $3,179,071.74. This represents a 20.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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, CFO Sean Joseph Glennan sold 4,625 shares of Hut 8 stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $49.05, for a total transaction of $226,856.25. Following the completion of the transaction, the chief financial officer directly owned 12,068 shares in the company, valued at $591,935.40. This represents a 27.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 54,628 shares of company stock worth $4,960,721 in the last 90 days. 10.40% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have commented on the company. Piper Sandler raised their price objective on Hut 8 from $93.00 to $127.00 and gave the stock an "overweight" rating in a report on Wednesday, May 6th. BTIG Research upped their target price on Hut 8 from $90.00 to $115.00 and gave the stock a "buy" rating in a report on Wednesday, May 6th. Cantor Fitzgerald raised their price target on Hut 8 from $68.00 to $80.00 and gave the company an "overweight" rating in a research note on Thursday, April 9th. HC Wainwright restated a "buy" rating and issued a $80.00 price objective on shares of Hut 8 in a report on Thursday, February 26th. Finally, B. Riley Financial upped their price objective 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. Seventeen equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $107.72.

Hut 8 Trading Down 3.0%

Shares of NASDAQ:HUT opened at $93.31 on Wednesday. The company has a market capitalization of $10.51 billion, a PE ratio of -31.10 and a beta of 4.48. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.12. Hut 8 Corp. has a 12-month low of $14.74 and a 12-month high of $112.26. The business's fifty day simple moving average is $68.70 and its 200-day simple moving average is $56.38.

Hut 8 (NASDAQ:HUT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($1.98) earnings per share for the quarter, missing analysts' consensus estimates of ($0.33) by ($1.65). The company had revenue of $139.31 million for the quarter, compared to analysts' expectations of $78.53 million. Hut 8 had a negative return on equity of 0.35% and a negative net margin of 109.77%. As a group, equities research analysts predict that Hut 8 Corp. will post -2.34 earnings per share for the current fiscal year.

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.

Want to see what other hedge funds are holding HUT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Hut 8 Corp. (NASDAQ:HUT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.