Hut 8 Corp. $HUT Stock Holdings Raised by Two Seas Capital LP

Key Points

• Two Seas Capital more than doubled its Hut 8 stake in the third quarter, acquiring 189,860 additional shares for a total of 347,942 shares valued at approximately $30 million. Institutional investors collectively own 31.75% of Hut 8.
• Analysts remain broadly bullish, with Hut 8 receiving an average “Buy” rating and a consensus price target of $143.95, despite one neutral and one sell rating.
• Hut 8 reported weaker-than-expected quarterly results, posting an adjusted loss of $1.27 per share and revenue of $74.93 million versus estimates of $0.55 per-share loss and $79.37 million in revenue. The stock recently traded at $92.22, within a 52-week range of $31.67 to $140.80.

Two Seas Capital LP boosted its stake in Hut 8 Corp. (NASDAQ:HUT - Free Report) by 120.1% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 347,942 shares of the company's stock after acquiring an additional 189,860 shares during the quarter. Hut 8 comprises about 0.3% of Two Seas Capital LP's holdings, making the stock its 25th largest holding. Two Seas Capital LP owned approximately 0.28% of Hut 8 worth $29,958,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Arlington Trust Co LLC boosted its stake in shares of Hut 8 by 175.0% in the second quarter. Arlington Trust Co LLC now owns 275 shares of the company's stock valued at $32,000 after purchasing an additional 175 shares during the period. Parkside Financial Bank & Trust lifted its holdings in Hut 8 by 258.5% in the 2nd quarter. Parkside Financial Bank & Trust now owns 380 shares of the company's stock worth $44,000 after buying an additional 274 shares in the last quarter. Harbor Investment Advisory LLC purchased a new stake in shares of Hut 8 during the first quarter worth about $47,000. CoreCap Advisors LLC increased its position in shares of Hut 8 by 42.1% during the second quarter. CoreCap Advisors LLC now owns 540 shares of the company's stock worth $62,000 after acquiring an additional 160 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in shares of Hut 8 by 27.6% in the first quarter. PNC Financial Services Group Inc. now owns 2,194 shares of the company's stock worth $103,000 after acquiring an additional 474 shares in the last quarter. Institutional investors and hedge funds own 31.75% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on HUT. Loop Capital set a $226.00 target price on Hut 8 in a research note on Monday, June 22nd. Rothschild & Co Redburn started coverage on shares of Hut 8 in a research note on Monday, September 21st. They set a "neutral" rating and a $96.00 price objective on the stock. Keefe, Bruyette & Woods dropped their target price on shares of Hut 8 from $157.00 to $154.00 and set an "outperform" rating for the company in a research report on Thursday, August 6th. Maxim Group raised shares of Hut 8 to a "strong-buy" rating in a research report on Wednesday, August 5th. Finally, Compass Point set a $195.00 price target on Hut 8 in a research note on Wednesday, July 22nd. Three research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Hut 8 presently has an average rating of "Buy" and a consensus target price of $143.95.

Hut 8 Stock Performance

Shares of HUT traded up $2.95 during midday trading on Tuesday, hitting $92.22. 5,711,639 shares of the stock traded hands, compared to its average volume of 4,791,022. The company has a debt-to-equity ratio of 4.22, a quick ratio of 19.35 and a current ratio of 19.35. Hut 8 Corp. has a 1-year low of $31.67 and a 1-year high of $140.80. The business's 50 day moving average price is $91.27 and its two-hundred day moving average price is $92.56. The firm has a market capitalization of $11.37 billion, a PE ratio of -16.92 and a beta of 4.62.

Hut 8 (NASDAQ:HUT - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.55) by ($0.72). Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. The firm had revenue of $74.93 million for the quarter, compared to analyst estimates of $79.37 million. During the same period in the previous year, the firm earned $1.18 earnings per share. Equities research analysts predict that Hut 8 Corp. will post -2.98 EPS for the current fiscal year.

Insider Buying and Selling at Hut 8

In other Hut 8 news, CFO Sean Glennan sold 6,445 shares of Hut 8 stock in a transaction 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 sale, the chief financial officer owned 17,978 shares of the company's stock, valued at $1,415,947.28. The trade was a 26.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 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 completion of the transaction, the director directly owned 89,408 shares of the company's stock, valued at approximately $8,940,800. The trade was a 18.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 10.40% of the stock is owned by insiders.

Hut 8 Profile

Hut 8 Corp. NASDAQ: HUT is a North American energy infrastructure and digital asset mining company. Its operations include cryptocurrency mining, with a primary focus on Bitcoin, as well as the development and management of data center infrastructure supported by its energy resources.

The company owns and operates mining and data center facilities in the United States and Canada. In addition to self-mining digital assets, Hut 8 has pursued opportunities in high-performance computing and artificial intelligence infrastructure, using its power capacity, data center sites and related development capabilities to support evolving computing demand.

Hut 8 was originally established as Hut 8 Mining Corp., a Canadian cryptocurrency mining company.

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