Hut 8 Corp. $HUT Shares Sold by Moody Aldrich Partners LLC

Key Points

• Moody Aldrich Partners reduced its Hut 8 stake by 63% in the third quarter, selling 37,768 shares and retaining 22,148 shares valued at approximately $1.91 million. Hedge funds and other institutional investors own 31.75% of the company.
• Analyst sentiment remains broadly positive, with a consensus “Buy” rating and an average price target of $148.09, despite mixed revisions ranging from a $151 target from Cantor Fitzgerald to a “strong sell” downgrade from Wall Street Zen.
• Hut 8 reported weaker-than-expected quarterly results, posting a loss of $1.27 per share versus the expected $0.55 loss and revenue of $74.93 million versus $79.37 million expected. Company insiders also sold shares, including a $2 million sale by director Mayo Shattuck.

Moody Aldrich Partners LLC lowered its position in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) by 63.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 22,148 shares of the company's stock after selling 37,768 shares during the period. Moody Aldrich Partners LLC's holdings in Hut 8 were worth $1,907,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. GK Wealth Management LLC purchased a new position in Hut 8 during the 3rd quarter worth approximately $25,000. Arlington Trust Co LLC increased its position in Hut 8 by 175.0% during the second quarter. Arlington Trust Co LLC now owns 275 shares of the company's stock worth $32,000 after buying an additional 175 shares during the period. Parkside Financial Bank & Trust increased its position in Hut 8 by 258.5% during the second quarter. Parkside Financial Bank & Trust now owns 380 shares of the company's stock worth $44,000 after buying an additional 274 shares during the period. Harbor Investment Advisory LLC purchased a new stake in Hut 8 in the first quarter valued at approximately $47,000. Finally, CoreCap Advisors LLC lifted its stake in Hut 8 by 42.1% in the second quarter. CoreCap Advisors LLC now owns 540 shares of the company's stock valued at $62,000 after buying an additional 160 shares during the last quarter. 31.75% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on HUT. Morgan Stanley increased their price objective on Hut 8 from $273.00 to $275.00 and gave the company an "overweight" rating in a report on Friday, October 9th. Maxim Group raised shares of Hut 8 to a "strong-buy" rating in a report on Wednesday, August 5th. Cantor Fitzgerald cut their target price on shares of Hut 8 from $180.00 to $151.00 and set an "overweight" rating on the stock in a report on Friday, October 16th. Wall Street Zen downgraded shares of Hut 8 from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 1st. Finally, UBS Group reiterated a "buy" rating on shares of Hut 8 in a research note on Thursday, October 8th. Four research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $148.09.

Hut 8 Trading Up 3.1%

Shares of Hut 8 stock opened at $69.46 on Thursday. Hut 8 Corp. has a 52-week low of $31.67 and a 52-week high of $140.80. The company has a quick ratio of 19.35, a current ratio of 19.35 and a debt-to-equity ratio of 4.22. The company's 50-day simple moving average is $84.87 and its 200-day simple moving average is $82.30. The firm has a market cap of $8.56 billion, a price-to-earnings ratio of -12.74 and a beta of 4.62.

Hut 8 (NASDAQ:HUT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.72). The firm had revenue of $74.93 million for the quarter, compared to analysts' expectations of $79.37 million. Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%. During the same period in the prior year, the company earned $1.18 earnings per share. As a group, equities research analysts anticipate that Hut 8 Corp. will post -2.93 earnings per share for the current year.

Insider Activity at Hut 8

In other Hut 8 news, CFO Sean Glennan sold 6,445 shares of the business's stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $78.76, for a total transaction of $507,608.20. Following the transaction, the chief financial officer owned 17,978 shares in the company, valued at approximately $1,415,947.28. The trade was a 26.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Mayo Shattuck, III sold 20,000 shares of the stock in a transaction that occurred on Thursday, September 24th. The stock was sold at an average price of $100.00, for a total value of $2,000,000.00. Following the transaction, the director directly owned 89,408 shares of the company's stock, valued at approximately $8,940,800. This trade represents a 18.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 10.40% of the company's stock.

Hut 8 Company Profile

Hut 8 Corp. is a North American energy infrastructure and computing company whose business includes digital asset mining, high-performance computing and data center operations. The company develops and manages power and infrastructure assets intended to support energy-intensive computing applications.

Hut 8's activities have historically centered on Bitcoin mining, supported by company-operated data centers and specialized mining equipment. It also provides infrastructure for emerging computing applications, including artificial intelligence and other high-performance computing workloads, as it seeks to expand beyond cryptocurrency mining.

The company was established in Canada and expanded its operations in the United States through its combination with U.S.

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