Galaxy Digital Capital Management GP LLC Takes Position in Hut 8 Corp. $HUT

Key Points

• Galaxy Digital Capital Management disclosed a new position in Hut 8, buying 28,193 shares valued at about $1.3 million. The stake makes Hut 8 one of the firm’s larger holdings, representing roughly 1.3% of its portfolio.
• Hut 8 reported a wider-than-expected loss for the quarter, with EPS of ($1.98) versus estimates of ($0.33), even as revenue of $139.31 million topped analyst forecasts. Analysts still expect the company to remain unprofitable this year.
• Despite mixed fundamentals, Wall Street sentiment remains constructive: several firms raised price targets, and the stock has an average rating of “Moderate Buy” with an average target price of $107.72. Separately, insiders sold shares during the quarter, including a notable sale by director Joseph Flinn.

Galaxy Digital Capital Management GP LLC purchased a new stake in Hut 8 Corp. (NASDAQ:HUT - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 28,193 shares of the company's stock, valued at approximately $1,295,000. Hut 8 accounts for approximately 1.3% of Galaxy Digital Capital Management GP LLC's portfolio, making the stock its 19th biggest position.

Several other large investors have also recently modified their holdings of HUT. GAMMA Investing LLC bought a new position in Hut 8 during the 4th quarter worth approximately $30,000. Imprint Wealth LLC bought a new stake in shares of Hut 8 in the 4th quarter valued at $38,000. Russell Investments Group Ltd. increased its position in shares of Hut 8 by 235.8% during the second quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company's stock worth $46,000 after buying an additional 1,719 shares during the period. Activest Wealth Management acquired a new stake in shares of Hut 8 during the fourth quarter worth $49,000. Finally, Danske Bank A S bought a new position in Hut 8 during the fourth quarter worth $51,000. Institutional investors own 31.75% of the company's stock.

Hut 8 Stock Performance

Shares of Hut 8 stock opened at $124.44 on Friday. The company has a market capitalization of $14.01 billion, a P/E ratio of -41.48 and a beta of 4.61. The stock has a fifty day simple moving average of $99.89 and a 200 day simple moving average of $68.41. Hut 8 Corp. has a 12-month low of $15.26 and a 12-month high of $140.80. 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 (NASDAQ:HUT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($1.98) EPS for the quarter, missing the consensus estimate of ($0.33) by ($1.65). Hut 8 had a negative net margin of 109.77% and a negative return on equity of 0.35%. The firm had revenue of $139.31 million during the quarter, compared to analysts' expectations of $78.53 million. On average, sell-side analysts anticipate that Hut 8 Corp. will post -1.29 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on HUT shares. Piper Sandler boosted their price objective on Hut 8 from $93.00 to $127.00 and gave the company an "overweight" rating in a research note on Wednesday, May 6th. Cantor Fitzgerald raised their target price on Hut 8 from $68.00 to $80.00 and gave the stock an "overweight" rating in a research note on Thursday, April 9th. Canaccord Genuity Group lifted their target price on Hut 8 from $70.00 to $130.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. BTIG Research lifted 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. Finally, Northland Securities set a $120.00 price target on Hut 8 in a research note on Thursday, May 7th. Seventeen investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $107.72.

Insider Transactions at Hut 8

In other Hut 8 news, Director Joseph Flinn sold 30,500 shares of the company's stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $116.21, for a total transaction of $3,544,405.00. Following the sale, the director directly owned 18,238 shares of the company's stock, valued at $2,119,437.98. This represents a 62.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Victor Semah sold 10,518 shares of the firm's stock in a transaction on Monday, May 4th. The stock was sold at an average price of $76.83, for a total value of $808,097.94. Following the completion of the transaction, the insider directly owned 41,378 shares of the company's stock, valued at $3,179,071.74. The trade was a 20.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Insiders sold 112,724 shares of company stock worth $12,184,340 over the last quarter. 10.40% of the stock is currently owned by corporate insiders.

Hut 8 Company Profile

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.

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