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

Key Points

• Alight Capital Management LP reduced its stake in Hut 8 Corp. by 9.1%, now holding 100,000 shares valued at $1,162,000.
• Several institutional investors made changes to their positions in Hut 8, with Northern Right Capital Management L.P. increasing its holdings by 44.2% to 656,330 shares.
• Despite insider sales, analysts remain optimistic with four giving a Strong Buy rating and a consensus target price of $26.94 for Hut 8 shares.

Alight Capital Management LP lessened its stake in Hut 8 Corp. (NASDAQ:HUT - Free Report) by 9.1% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 100,000 shares of the company's stock after selling 10,000 shares during the quarter. Alight Capital Management LP owned 0.10% of Hut 8 worth $1,162,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in HUT. D. E. Shaw & Co. Inc. purchased a new position in shares of Hut 8 in the 4th quarter valued at about $27,115,000. Voloridge Investment Management LLC acquired a new stake in shares of Hut 8 during the 4th quarter worth about $24,170,000. Massachusetts Financial Services Co. MA raised its position in shares of Hut 8 by 181.2% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,287,163 shares of the company's stock worth $14,957,000 after acquiring an additional 829,484 shares in the last quarter. Two Seas Capital LP raised its position in shares of Hut 8 by 132.7% during the 4th quarter. Two Seas Capital LP now owns 476,808 shares of the company's stock worth $9,770,000 after acquiring an additional 271,892 shares in the last quarter. Finally, Edgestream Partners L.P. acquired a new stake in shares of Hut 8 during the 1st quarter worth about $3,042,000. Hedge funds and other institutional investors own 31.75% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on HUT shares. HC Wainwright reissued a "buy" rating and set a $25.00 target price on shares of Hut 8 in a research report on Friday, May 9th. Citizens Jmp raised Hut 8 to a "strong-buy" rating and set a $25.00 target price on the stock in a research report on Thursday, May 22nd. JMP Securities initiated coverage on Hut 8 in a research report on Thursday, May 22nd. They set a "market outperform" rating and a $25.00 target price on the stock. B. Riley initiated coverage on Hut 8 in a research report on Wednesday, May 14th. They set a "buy" rating and a $25.00 price target on the stock. Finally, Canaccord Genuity Group lifted their price target on Hut 8 from $32.00 to $36.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Four equities research analysts have rated the stock with a Strong Buy rating and fifteen have given a Buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of $26.94.

Insiders Place Their Bets

In other Hut 8 news, CFO Sean Joseph Glennan sold 6,060 shares of the business's stock in a transaction on Monday, August 25th. The stock was sold at an average price of $22.09, for a total transaction of $133,865.40. Following the sale, the chief financial officer directly owned 6,295 shares in the company, valued at approximately $139,056.55. The trade was a 49.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joseph Flinn sold 8,500 shares of the business's stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $26.55, for a total value of $225,675.00. Following the sale, the director owned 9,791 shares in the company, valued at approximately $259,951.05. The trade was a 46.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 27,129 shares of company stock worth $574,044. 11.20% of the stock is owned by company insiders.

Hut 8 Trading Down 0.9%

Shares of Hut 8 stock traded down $0.23 during trading on Friday, reaching $25.38. The company's stock had a trading volume of 5,252,855 shares, compared to its average volume of 5,482,287. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 0.19. Hut 8 Corp. has a 12-month low of $8.73 and a 12-month high of $31.95. The business has a 50 day moving average price of $22.29 and a 200-day moving average price of $17.19.

Hut 8 (NASDAQ:HUT - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.14) EPS for the quarter, topping analysts' consensus estimates of ($0.15) by $0.01. The company had revenue of $41.72 million for the quarter, compared to the consensus estimate of $49.10 million. Hut 8 had a return on equity of 8.73% and a net margin of 112.81%. Equities analysts predict that Hut 8 Corp. will post -0.53 EPS for the current fiscal year.

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.