261,821 Shares in Hut 8 Corp. (NASDAQ:HUT) Bought by Edgestream Partners L.P.

Edgestream Partners L.P. purchased a new stake in Hut 8 Corp. (NASDAQ:HUT - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 261,821 shares of the company's stock, valued at approximately $3,042,000. Edgestream Partners L.P. owned approximately 0.25% of Hut 8 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Jericho Capital Asset Management L.P. purchased a new stake in Hut 8 during the fourth quarter worth $37,400,000. D. E. Shaw & Co. Inc. acquired a new position in shares of Hut 8 in the fourth quarter worth $27,115,000. Voloridge Investment Management LLC acquired a new position in shares of Hut 8 in the fourth quarter worth $24,170,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of Hut 8 in the fourth quarter worth $23,009,000. Finally, Invesco Ltd. raised its holdings in shares of Hut 8 by 1,408.8% in the fourth quarter. Invesco Ltd. now owns 936,650 shares of the company's stock worth $19,192,000 after acquiring an additional 874,572 shares during the last quarter. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

Hut 8 Price Performance

NASDAQ HUT traded down $0.50 on Friday, hitting $21.62. 5,333,212 shares of the stock traded hands, compared to its average volume of 5,777,642. The stock has a 50-day moving average of $18.23 and a 200 day moving average of $17.17. Hut 8 Corp. has a twelve month low of $8.73 and a twelve month high of $31.95. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.27.

Hut 8 (NASDAQ:HUT - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.18) earnings per share for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.06). The company 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%. Equities research analysts expect that Hut 8 Corp. will post -0.53 EPS for the current year.

Insider Buying and Selling at Hut 8

In other news, insider Victor Semah sold 11,363 shares of Hut 8 stock in a transaction on 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 directly owned 15,738 shares in the company, valued at approximately $203,807.10. This trade represents a 41.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joseph Flinn sold 11,069 shares of the firm's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $15.77, for a total value of $174,558.13. Following the sale, the director directly owned 19,791 shares of the company's stock, valued at approximately $312,104.07. This represents a 35.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. 11.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on HUT. Canaccord Genuity Group reissued a "buy" rating and issued a $32.00 price target on shares of Hut 8 in a report on Monday, May 12th. UBS Group set a $33.00 target price on Hut 8 in a research note on Wednesday, April 2nd. B. Riley assumed coverage on Hut 8 in a research note on Wednesday, May 14th. They issued a "buy" rating and a $25.00 target price for the company. Citigroup assumed coverage on Hut 8 in a research note on Thursday, May 22nd. They issued an "outperform" rating for the company. Finally, Maxim Group assumed coverage on Hut 8 in a research note on Thursday, May 1st. They issued a "buy" rating and a $20.00 target price for the company. Fifteen investment analysts have rated the stock with a buy rating and four have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Buy" and an average target price of $26.12.

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.