Tidal Investments LLC lowered its holdings in Hut 8 Corp. (NASDAQ:HUT - Free Report) by 33.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 920,008 shares of the company's stock after selling 465,606 shares during the period. Tidal Investments LLC owned approximately 0.98% of Hut 8 worth $18,851,000 at the end of the most recent quarter.
Other institutional investors also recently modified their holdings of the company. Nisa Investment Advisors LLC increased its holdings in shares of Hut 8 by 77.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company's stock worth $26,000 after purchasing an additional 545 shares during the period. Summit Investment Advisors Inc. boosted its position in shares of Hut 8 by 7.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 8,475 shares of the company's stock valued at $174,000 after acquiring an additional 618 shares during the last quarter. Arizona State Retirement System grew its holdings in shares of Hut 8 by 2.8% during the fourth quarter. Arizona State Retirement System now owns 23,764 shares of the company's stock worth $487,000 after purchasing an additional 637 shares in the last quarter. Foundations Investment Advisors LLC increased its position in shares of Hut 8 by 1.9% in the fourth quarter. Foundations Investment Advisors LLC now owns 50,687 shares of the company's stock worth $1,039,000 after purchasing an additional 932 shares during the last quarter. Finally, R Squared Ltd purchased a new stake in Hut 8 in the fourth quarter valued at approximately $26,000. 31.75% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
HUT has been the topic of a number of research analyst reports. Northland Capmk raised shares of Hut 8 to a "strong-buy" rating in a report on Monday, April 21st. UBS Group set a $33.00 price objective on Hut 8 in a report on Wednesday, April 2nd. Maxim Group assumed coverage on Hut 8 in a research report on Thursday, May 1st. They set a "buy" rating and a $20.00 price objective on the stock. Cantor Fitzgerald restated an "overweight" rating and issued a $30.00 target price on shares of Hut 8 in a research report on Friday, March 7th. Finally, B. Riley initiated coverage on shares of Hut 8 in a research report on Wednesday, May 14th. They set a "buy" rating and a $25.00 price target on the stock. Fifteen investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Hut 8 currently has a consensus rating of "Buy" and a consensus price target of $25.81.
View Our Latest Analysis on HUT
Hut 8 Stock Performance
Shares of HUT stock traded down $0.43 during trading hours on Friday, reaching $16.65. The company's stock had a trading volume of 7,161,489 shares, compared to its average volume of 5,805,992. Hut 8 Corp. has a one year low of $8.53 and a one year high of $31.95. The firm's fifty day simple moving average is $13.25 and its 200 day simple moving average is $18.93. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00.
Hut 8 (NASDAQ:HUT - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.18) earnings per share for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.06). The firm had revenue of $20.88 million during the quarter, compared to analysts' expectations of $33.68 million. On average, research analysts expect that Hut 8 Corp. will post -0.53 earnings per share for the current year.
Insider Activity
In other news, insider Victor Semah sold 11,363 shares of the firm's stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $12.95, for a total value of $147,150.85. Following the completion of the transaction, the insider now owns 15,738 shares in the company, valued at $203,807.10. This trade represents a 41.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 11.20% of the stock is currently owned by company insiders.
About Hut 8
(
Free Report)
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.
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