Hut 8 Corp. $HUT Shares Sold by Moore Capital Management LP

Key Points

• Moore Capital Management reduced its Hut 8 stake by 16.7% in the fourth quarter, selling 150,440 shares and ending with 753,000 shares valued at about $34.6 million.
• Analysts remain broadly positive on the stock: Hut 8 has a Moderate Buy consensus, with 17 Buy ratings and an average target price of $107.72, while several firms recently raised targets as high as $136.
• Hut 8 reported a mixed quarterly result, missing EPS estimates with a loss of $1.98 per share but beating revenue expectations at $139.31 million; insiders also sold shares recently, including director Joseph Flinn’s 30,500-share sale.

Moore Capital Management LP decreased its position in Hut 8 Corp. (NASDAQ:HUT - Free Report) by 16.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 753,000 shares of the company's stock after selling 150,440 shares during the quarter. Hut 8 accounts for about 0.5% of Moore Capital Management LP's holdings, making the stock its 28th biggest holding. Moore Capital Management LP owned 0.70% of Hut 8 worth $34,593,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in HUT. Harvest Portfolios Group Inc. lifted its stake in Hut 8 by 75.3% during the third quarter. Harvest Portfolios Group Inc. now owns 85,093 shares of the company's stock worth $2,962,000 after purchasing an additional 36,543 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in Hut 8 by 4,669,387.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company's stock worth $186,629,000 after purchasing an additional 4,062,367 shares during the last quarter. Handelsbanken Fonder AB purchased a new stake in Hut 8 during the fourth quarter worth approximately $1,153,000. Steadview Capital Management LLC lifted its stake in Hut 8 by 1,425.3% during the fourth quarter. Steadview Capital Management LLC now owns 431,655 shares of the company's stock worth $19,830,000 after purchasing an additional 403,355 shares during the last quarter. Finally, WINTON GROUP Ltd purchased a new stake in Hut 8 during the third quarter worth approximately $1,385,000. Institutional investors and hedge funds own 31.75% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on HUT shares. Piper Sandler boosted their target price on Hut 8 from $93.00 to $127.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 6th. Arete Research started coverage on Hut 8 in a research note on Monday, March 23rd. They set a "buy" rating and a $136.00 target price for the company. Wall Street Zen cut Hut 8 from a "hold" rating to a "sell" rating in a research note on Saturday, February 28th. BTIG Research boosted their target price on Hut 8 from $90.00 to $115.00 and gave the stock a "buy" rating in a research note on Wednesday, May 6th. Finally, Rosenblatt Securities restated a "buy" rating and set a $124.00 target price on shares of Hut 8 in a research note on Thursday, June 11th. Seventeen equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $107.72.

Hut 8 Trading Down 2.1%

HUT opened at $118.88 on Thursday. The firm has a market cap of $13.38 billion, a price-to-earnings ratio of -39.63 and a beta of 4.61. Hut 8 Corp. has a 52 week low of $15.26 and a 52 week high of $140.80. The business's 50 day moving average is $97.20 and its two-hundred day moving average is $67.46. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.12.

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

Insider Transactions at Hut 8

In other news, insider Victor Semah sold 10,518 shares of the business's stock in a transaction that occurred 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 transaction, the insider owned 41,378 shares of the company's stock, valued at approximately $3,179,071.74. The trade was a 20.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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. Also, Director Joseph Flinn sold 30,500 shares of the business's stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $116.21, for a total value of $3,544,405.00. Following the completion of the transaction, the director directly owned 18,238 shares in the company, valued at approximately $2,119,437.98. The trade was a 62.58% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 102,724 shares of company stock worth $10,934,340. 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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