Deutsche Bank AG Acquires 13,161 Shares of Hut 8 Corp. $HUT

Key Points

• Deutsche Bank AG increased its stake in Hut 8 Corp. by 18.4%, owning 84,536 shares valued at $982,000 by the end of the first quarter.
• Multiple institutional investors have significantly increased their holdings in Hut 8, with US Bancorp DE raising its position by 3,961.7% and Russell Investments Group by 832.4% in the recent quarters.
• Hut 8's quarterly earnings exceeded analysts' estimates, reporting ($0.14) earnings per share against a consensus estimate of (0.15) and generating revenue of $41.72 million.

Deutsche Bank AG boosted its position in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) by 18.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 84,536 shares of the company's stock after purchasing an additional 13,161 shares during the period. Deutsche Bank AG owned 0.08% of Hut 8 worth $982,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Optiver Holding B.V. purchased a new position in Hut 8 during the 4th quarter worth approximately $35,000. US Bancorp DE grew its position in Hut 8 by 3,961.7% during the 1st quarter. US Bancorp DE now owns 3,290 shares of the company's stock worth $38,000 after purchasing an additional 3,209 shares in the last quarter. Russell Investments Group Ltd. grew its position in Hut 8 by 832.4% during the 4th quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company's stock worth $42,000 after purchasing an additional 1,823 shares in the last quarter. NewEdge Advisors LLC grew its position in Hut 8 by 1,568.0% during the 4th quarter. NewEdge Advisors LLC now owns 3,336 shares of the company's stock worth $68,000 after purchasing an additional 3,136 shares in the last quarter. Finally, SBI Securities Co. Ltd. grew its position in Hut 8 by 51.7% during the 1st quarter. SBI Securities Co. Ltd. now owns 9,468 shares of the company's stock worth $110,000 after purchasing an additional 3,228 shares in the last quarter. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on HUT. JMP Securities began coverage on shares of Hut 8 in a research report on Thursday, May 22nd. They set a "market outperform" rating and a $25.00 price objective on the stock. Roth Capital initiated coverage on shares of Hut 8 in a research report on Friday, June 6th. They set a "buy" rating and a $25.00 price objective on the stock. Citigroup initiated coverage on shares of Hut 8 in a report on Thursday, May 22nd. They set an "outperform" rating on the stock. B. Riley initiated coverage on shares of Hut 8 in a report on Wednesday, May 14th. They set a "buy" rating and a $25.00 price target on the stock. Finally, Maxim Group boosted their price target on shares of Hut 8 from $23.00 to $30.00 and gave the company a "buy" rating in a report on Monday, August 11th. Four research analysts have rated the stock with a Strong Buy rating and fifteen have given a Buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $26.94.

Insiders Place Their Bets

In related news, CFO Sean Joseph Glennan sold 6,060 shares of the company's stock in a transaction on Monday, August 25th. The shares were sold at an average price of $22.09, for a total value of $133,865.40. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Joseph Flinn sold 8,500 shares of the company's stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $26.55, for a total transaction of $225,675.00. Following the completion of the sale, the director owned 9,791 shares of the company's stock, valued at $259,951.05. This represents a 46.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 27,129 shares of company stock valued at $574,044 over the last quarter. 11.20% of the stock is currently owned by corporate insiders.

Hut 8 Price Performance

Shares of Hut 8 stock traded up $0.22 on Friday, hitting $26.73. 4,091,540 shares of the company traded hands, compared to its average volume of 5,200,502. The company has a 50-day moving average price of $21.37 and a 200 day moving average price of $16.95. The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 0.19. Hut 8 Corp. has a 12-month low of $8.73 and a 12-month high of $31.95.

Hut 8 (NASDAQ:HUT - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.01. The business had revenue of $41.72 million for 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%. As a group, equities research analysts predict that Hut 8 Corp. will post -0.53 EPS for the current year.

Hut 8 Company Profile

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.