Graham Capital Management L.P. Makes New $539,000 Investment in Hut 8 Corp. $HUT

Key Points

• Graham Capital Management L.P. has made a new investment in Hut 8 Corp., purchasing 46,421 shares valued at approximately $539,000 in the first quarter.
• Despite Hut 8's stock price trading down 0.9%, institutional investors currently hold 31.75% of the company's stock, indicating ongoing interest from larger funds.
• Recent earnings reports showed Hut 8 surpassing earnings expectations, reporting ($0.14) earnings per share, but with revenue of $41.72 million, falling short of analyst estimates.

Graham Capital Management L.P. bought a new position in Hut 8 Corp. (NASDAQ:HUT - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 46,421 shares of the company's stock, valued at approximately $539,000.

Other large investors have also added to or reduced their stakes in the company. Northern Trust Corp boosted its stake in Hut 8 by 4.1% in the 4th quarter. Northern Trust Corp now owns 717,575 shares of the company's stock worth $14,703,000 after purchasing an additional 28,462 shares during the period. Teacher Retirement System of Texas bought a new stake in shares of Hut 8 during the 1st quarter valued at about $143,000. Bank of America Corp DE boosted its position in shares of Hut 8 by 16.8% during the 4th quarter. Bank of America Corp DE now owns 146,500 shares of the company's stock valued at $3,002,000 after acquiring an additional 21,058 shares during the last quarter. Nuveen LLC bought a new stake in shares of Hut 8 during the 1st quarter valued at about $2,508,000. Finally, Thomist Capital Management LP bought a new stake in shares of Hut 8 during the 4th quarter valued at about $502,000. Institutional investors own 31.75% of the company's stock.

Hut 8 Trading Down 0.9%

NASDAQ:HUT opened at $25.38 on Friday. The business has a 50 day moving average of $22.29 and a 200 day moving average of $17.19. Hut 8 Corp. has a 1-year low of $8.73 and a 1-year high of $31.95. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.81 and a current ratio of 1.81.

Hut 8 (NASDAQ:HUT - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.14) earnings per share for the quarter, topping analysts' consensus estimates of ($0.15) by $0.01. The company had revenue of $41.72 million during the quarter, compared to the consensus estimate of $49.10 million. Hut 8 had a return on equity of 8.73% and a net margin of 112.81%. As a group, research analysts anticipate that Hut 8 Corp. will post -0.53 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on HUT shares. JMP Securities started coverage on Hut 8 in a research report on Thursday, May 22nd. They set a "market outperform" rating and a $25.00 price target for the company. Needham & Company LLC reiterated a "buy" rating and set a $21.00 price target on shares of Hut 8 in a research report on Friday, May 9th. Citigroup started coverage on Hut 8 in a research report on Thursday, May 22nd. They set an "outperform" rating for the company. Northland Securities set a $26.00 price target on Hut 8 in a research report on Friday, July 11th. Finally, Roth Capital began coverage on Hut 8 in a research report on Friday, June 6th. They set a "buy" rating and a $25.00 price target for the company. Four research analysts have rated the stock with a Strong Buy rating and fifteen have assigned a Buy rating to the stock. Based on data from MarketBeat.com, Hut 8 presently has an average rating of "Buy" and a consensus target price of $26.94.

Insider Buying and Selling

In other Hut 8 news, Director Joseph Flinn sold 11,069 shares of Hut 8 stock in a transaction that occurred 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 transaction, the director directly owned 19,791 shares of the company's stock, valued at $312,104.07. The trade was a 35.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Sean Joseph Glennan sold 6,060 shares of Hut 8 stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $22.09, for a total value of $133,865.40. Following the completion of the transaction, the chief financial officer directly owned 6,295 shares in the company, valued at $139,056.55. This trade represents a 49.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 27,129 shares of company stock worth $574,044 over the last ninety days. Insiders own 11.20% of the company's stock.

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.

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