SG Americas Securities LLC Has $472,000 Stake in Hut 8 Corp. (NASDAQ:HUT)

SG Americas Securities LLC boosted its stake in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) by 481.9% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 40,615 shares of the company's stock after purchasing an additional 33,635 shares during the quarter. SG Americas Securities LLC's holdings in Hut 8 were worth $472,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Optiver Holding B.V. acquired a new stake in shares of Hut 8 in the fourth quarter valued at about $35,000. Russell Investments Group Ltd. boosted its stake in Hut 8 by 832.4% during the 4th quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company's stock valued at $42,000 after purchasing an additional 1,823 shares during the period. Principal Securities Inc. acquired a new stake in Hut 8 in the 4th quarter valued at approximately $45,000. Sterling Capital Management LLC increased its position in Hut 8 by 825.0% in the 4th quarter. Sterling Capital Management LLC now owns 2,553 shares of the company's stock worth $52,000 after buying an additional 2,277 shares during the period. Finally, CIBC Private Wealth Group LLC acquired a new position in shares of Hut 8 during the fourth quarter worth approximately $57,000. Institutional investors and hedge funds own 31.75% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on HUT. Rosenblatt Securities started coverage on shares of Hut 8 in a research note on Friday, March 7th. They issued a "buy" rating and a $23.00 price objective on the stock. JMP Securities initiated coverage on shares of Hut 8 in a research report on Thursday, May 22nd. They issued a "market outperform" rating and a $25.00 price target on the stock. Benchmark cut their price objective on shares of Hut 8 from $41.00 to $33.00 and set a "buy" rating for the company in a research report on Wednesday, April 2nd. Canaccord Genuity Group reissued a "buy" rating and set a $32.00 target price on shares of Hut 8 in a research report on Monday, May 12th. Finally, Citigroup started coverage on Hut 8 in a research note on Thursday, May 22nd. They set an "outperform" rating on the stock. Fifteen investment analysts have rated the stock with a buy rating and four have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Hut 8 currently has an average rating of "Buy" and an average target price of $25.76.

Insider Activity

In other Hut 8 news, insider Victor Semah sold 11,363 shares of the company's stock in a transaction on Monday, May 5th. The stock was sold at an average price of $12.95, for a total transaction of $147,150.85. Following the transaction, the insider now owns 15,738 shares of the company's stock, valued at approximately $203,807.10. This represents a 41.93% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joseph Flinn sold 11,069 shares of the company's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $15.77, for a total value of $174,558.13. Following the transaction, the director now directly owns 19,791 shares in the company, valued at $312,104.07. This trade represents a 35.87% decrease in their position. The disclosure for this sale can be found here. 11.20% of the stock is currently owned by corporate insiders.

Hut 8 Stock Up 8.5%

Shares of HUT traded up $1.35 during trading hours on Tuesday, hitting $17.24. The stock had a trading volume of 5,086,986 shares, compared to its average volume of 5,856,149. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.27. The company's fifty day moving average is $15.30 and its two-hundred day moving average is $17.68. Hut 8 Corp. has a 52 week low of $8.73 and a 52 week high of $31.95.

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 the consensus estimate of ($0.12) by ($0.06). Hut 8 had a positive return on equity of 13.00% and a negative net margin of 39.92%. The firm had revenue of $20.88 million for the quarter, compared to the consensus estimate of $33.68 million. On average, equities analysts anticipate that Hut 8 Corp. will post -0.53 EPS for the current fiscal year.

Hut 8 Company Profile

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.