Edgestream Partners L.P. Purchases New Position in Hut 8 Corp. (NASDAQ:HUT)

Edgestream Partners L.P. acquired a new stake in Hut 8 Corp. (NASDAQ:HUT - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 261,821 shares of the company's stock, valued at approximately $3,042,000. Edgestream Partners L.P. owned about 0.25% of Hut 8 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its position in shares of Hut 8 by 21.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,011,692 shares of the company's stock worth $20,730,000 after purchasing an additional 178,527 shares in the last quarter. Amundi bought a new position in shares of Hut 8 during the fourth quarter worth $196,000. Swiss National Bank boosted its position in shares of Hut 8 by 2.7% during the fourth quarter. Swiss National Bank now owns 161,240 shares of the company's stock worth $3,304,000 after purchasing an additional 4,300 shares in the last quarter. Intech Investment Management LLC boosted its position in shares of Hut 8 by 239.2% during the fourth quarter. Intech Investment Management LLC now owns 36,816 shares of the company's stock worth $754,000 after purchasing an additional 25,963 shares in the last quarter. Finally, LPL Financial LLC boosted its position in shares of Hut 8 by 4.5% during the fourth quarter. LPL Financial LLC now owns 41,019 shares of the company's stock worth $840,000 after purchasing an additional 1,777 shares in the last quarter. 31.75% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Joseph Flinn sold 11,069 shares of the business's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $15.77, for a total transaction of $174,558.13. Following the transaction, the director directly owned 19,791 shares in the company, valued at $312,104.07. The trade was a 35.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Victor Semah sold 11,363 shares of the business's stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $12.95, for a total transaction of $147,150.85. Following the transaction, the insider owned 15,738 shares in the company, valued at $203,807.10. This represents a 41.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. 11.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. B. Riley assumed coverage on shares of Hut 8 in a research report on Wednesday, May 14th. They set a "buy" rating and a $25.00 price target on the stock. Citizens Jmp raised shares of Hut 8 to a "strong-buy" rating and set a $25.00 price objective on the stock in a research report on Thursday, May 22nd. HC Wainwright reaffirmed a "buy" rating and issued a $25.00 price objective on shares of Hut 8 in a research report on Friday, May 9th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $32.00 price objective on shares of Hut 8 in a research report on Monday, May 12th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $21.00 price objective on shares of Hut 8 in a research report on Friday, May 9th. Fifteen equities research analysts have rated the stock with a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $26.12.

Hut 8 Trading Down 0.5%

HUT stock traded down $0.12 during midday trading on Thursday, hitting $22.12. The company's stock had a trading volume of 4,182,373 shares, compared to its average volume of 5,780,144. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.27. Hut 8 Corp. has a twelve month low of $8.73 and a twelve month high of $31.95. The company's fifty day moving average price is $18.07 and its 200 day moving average price is $17.19.

Hut 8 (NASDAQ:HUT - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.06). The firm had revenue of $20.88 million for the quarter, compared to analyst estimates of $33.68 million. Hut 8 had a positive return on equity of 13.00% and a negative net margin of 39.92%. As a group, sell-side analysts anticipate 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.