Hut 8 Corp. $HUT is Thames Capital Management LLC's 6th Largest Position

Key Points

• Thames Capital Management cut its Hut 8 position by 26.7% in the fourth quarter, but the stock still remained its 6th largest holding at 3.5% of the portfolio.
• Hut 8 reported a wider-than-expected quarterly loss of ($1.98) per share, though revenue of $139.31 million came in well above analyst estimates.
• Despite the earnings miss, analysts remain broadly constructive on the stock, with 17 Buy ratings and a consensus target price of $107.72.

Thames Capital Management LLC trimmed its position in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) by 26.7% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 528,246 shares of the company's stock after selling 192,341 shares during the quarter. Hut 8 comprises about 3.5% of Thames Capital Management LLC's investment portfolio, making the stock its 6th largest holding. Thames Capital Management LLC owned approximately 0.49% of Hut 8 worth $24,268,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. GAMMA Investing LLC purchased a new stake in shares of Hut 8 during the fourth quarter valued at about $30,000. Russell Investments Group Ltd. lifted 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 valued at $46,000 after buying an additional 1,719 shares during the last quarter. Activest Wealth Management purchased a new stake in shares of Hut 8 during the fourth quarter valued at about $49,000. Danske Bank A S purchased a new stake in shares of Hut 8 during the fourth quarter valued at about $51,000. Finally, CWM LLC lifted its position in shares of Hut 8 by 37.4% during the fourth quarter. CWM LLC now owns 1,106 shares of the company's stock valued at $51,000 after buying an additional 301 shares during the last quarter. 31.75% of the stock is owned by hedge funds and other institutional investors.

Hut 8 Price Performance

Shares of NASDAQ:HUT opened at $124.83 on Friday. Hut 8 Corp. has a twelve month low of $14.74 and a twelve month high of $126.65. The company's 50 day moving average is $78.59 and its 200 day moving average is $59.87. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.12. The company has a market cap of $14.06 billion, a PE ratio of -41.61 and a beta of 4.48.

Hut 8 (NASDAQ:HUT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($1.98) earnings per share for the quarter, missing the consensus estimate of ($0.33) by ($1.65). Hut 8 had a negative return on equity of 0.35% and a negative net margin of 109.77%.The business had revenue of $139.31 million during the quarter, compared to analyst estimates of $78.53 million. On average, sell-side analysts forecast that Hut 8 Corp. will post -1.29 EPS for the current year.

Insider Buying and Selling

In other Hut 8 news, Director Rick Rickertsen sold 17,491 shares of the company's stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $110.00, for a total value of $1,924,010.00. Following the sale, the director owned 17,491 shares in the company, valued at approximately $1,924,010. This represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Amy Marie Wilkinson sold 20,000 shares of the company's stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $100.78, for a total value of $2,015,600.00. Following the completion of the sale, the director owned 262,136 shares in the company, valued at approximately $26,418,066.08. This represents a 7.09% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 74,628 shares of company stock worth $6,976,321. 10.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts have commented on HUT shares. Arete Research started coverage on shares of Hut 8 in a research report on Monday, March 23rd. They set a "buy" rating and a $136.00 price target for the company. Needham & Company LLC increased their price target on shares of Hut 8 from $88.00 to $128.00 and gave the company a "buy" rating in a research report on Thursday, May 7th. Rosenblatt Securities increased their price target on shares of Hut 8 from $89.00 to $124.00 and gave the company a "buy" rating in a research report on Friday, May 8th. Citizens Jmp increased their price target on shares of Hut 8 from $100.00 to $140.00 and gave the company a "market outperform" rating in a research report on Thursday, May 7th. Finally, Cantor Fitzgerald upped their price objective on shares of Hut 8 from $68.00 to $80.00 and gave the company an "overweight" rating in a report on Thursday, April 9th. Seventeen research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $107.72.

About Hut 8

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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