Hut 8 Corp. $HUT Stake Cut by SG Americas Securities LLC

Key Points

• SG Americas Securities LLC cut its Hut 8 stake by 65.1% in Q2, selling 26,425 shares and leaving 14,190 shares worth roughly $264,000.
• Other institutions moved in opposite directions: MIRAE Asset raised its position by 74.4% to 1,104,612 shares, Geode added to hold 2,563,091 shares, and Nuveen, Yaupon and Paloma initiated multimillion-dollar positions, with institutional ownership at about 31.75%.
• Hut 8 has a market cap of ~$4.89 billion and a negative P/E, recently beat quarterly EPS and revenue estimates, and carries mostly "Buy" analyst ratings with a consensus price target of $48.80 (individual targets up to $78).

SG Americas Securities LLC lessened its holdings in Hut 8 Corp. (NASDAQ:HUT - Free Report) by 65.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,190 shares of the company's stock after selling 26,425 shares during the quarter. SG Americas Securities LLC's holdings in Hut 8 were worth $264,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Hut 8 by 74.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,104,612 shares of the company's stock worth $12,835,000 after buying an additional 471,355 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Hut 8 by 13.7% in the second quarter. Geode Capital Management LLC now owns 2,563,091 shares of the company's stock worth $47,679,000 after acquiring an additional 309,113 shares during the last quarter. Yaupon Capital Management LP acquired a new position in Hut 8 in the first quarter valued at approximately $3,196,000. Nuveen LLC acquired a new position in Hut 8 in the first quarter valued at approximately $2,508,000. Finally, Paloma Partners Management Co bought a new position in shares of Hut 8 during the first quarter valued at approximately $2,363,000. 31.75% of the stock is owned by institutional investors and hedge funds.

Hut 8 Stock Performance

Shares of HUT opened at $45.22 on Monday. The firm has a market capitalization of $4.89 billion, a PE ratio of -115.94 and a beta of 4.42. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.14. The firm has a 50-day moving average price of $42.85 and a 200 day moving average price of $29.10. Hut 8 Corp. has a 52-week low of $10.04 and a 52-week high of $57.29.

Hut 8 (NASDAQ:HUT - Get Free Report) last released its quarterly earnings results on Tuesday, November 4th. The company reported ($0.07) EPS for the quarter, topping analysts' consensus estimates of ($0.16) by $0.09. The company had revenue of $80.72 million for the quarter, compared to the consensus estimate of $64.70 million. Hut 8 had a net margin of 115.39% and a return on equity of 8.06%. On average, sell-side analysts anticipate that Hut 8 Corp. will post -0.53 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on HUT shares. Benchmark raised their price target on Hut 8 from $36.00 to $78.00 and gave the stock a "buy" rating in a report on Tuesday, October 28th. Wall Street Zen upgraded Hut 8 from a "sell" rating to a "hold" rating in a research note on Saturday, November 8th. BTIG Research restated a "buy" rating and set a $55.00 price target on shares of Hut 8 in a research report on Thursday, November 6th. Roth Capital reiterated a "buy" rating and issued a $60.00 price objective (up from $31.00) on shares of Hut 8 in a research report on Monday, September 15th. Finally, Maxim Group boosted their target price on shares of Hut 8 from $23.00 to $30.00 and gave the company a "buy" rating in a research note on Monday, August 11th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $48.80.

About Hut 8

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.