Vident Advisory LLC Sells 47,522 Shares of Hut 8 Corp. (NASDAQ:HUT)

Vident Advisory LLC lessened its holdings in Hut 8 Corp. (NASDAQ:HUT - Free Report) by 8.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 531,555 shares of the company's stock after selling 47,522 shares during the period. Vident Advisory LLC owned 0.57% of Hut 8 worth $10,890,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. R Squared Ltd bought a new stake in Hut 8 in the 4th quarter valued at $26,000. Nisa Investment Advisors LLC grew its holdings in Hut 8 by 77.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company's stock valued at $26,000 after buying an additional 545 shares in the last quarter. Optiver Holding B.V. acquired a new position in Hut 8 in the 4th quarter valued at $35,000. Russell Investments Group Ltd. grew its holdings in Hut 8 by 832.4% in the 4th quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company's stock valued at $42,000 after buying an additional 1,823 shares in the last quarter. Finally, Principal Securities Inc. acquired a new position in Hut 8 in the 4th quarter valued at $45,000. Institutional investors own 31.75% of the company's stock.

Hut 8 Price Performance

Shares of HUT traded down $0.43 during trading hours on Friday, hitting $16.65. 7,161,489 shares of the company were exchanged, compared to its average volume of 5,805,992. The firm's fifty day moving average is $13.25 and its 200 day moving average is $18.93. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. Hut 8 Corp. has a fifty-two week low of $8.53 and a fifty-two week high of $31.95.

Hut 8 (NASDAQ:HUT - Get Free Report) last released 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). The company had revenue of $20.88 million during the quarter, compared to analyst estimates of $33.68 million. On average, equities analysts predict that Hut 8 Corp. will post -0.53 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Northland Securities assumed coverage on Hut 8 in a report on Monday, April 21st. They issued an "outperform" rating and a $20.00 price objective on the stock. Northland Capmk raised Hut 8 to a "strong-buy" rating in a report on Monday, April 21st. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $32.00 price objective on shares of Hut 8 in a report on Monday, May 12th. Needham & Company LLC reaffirmed a "buy" rating and issued a $21.00 price objective on shares of Hut 8 in a report on Friday, May 9th. Finally, B. Riley assumed coverage on Hut 8 in a report on Wednesday, May 14th. They issued a "buy" rating and a $25.00 price objective on the stock. Fifteen analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat.com, Hut 8 currently has a consensus rating of "Buy" and a consensus price target of $25.81.

Insider Activity at Hut 8

In related news, insider Victor Semah sold 11,363 shares of the firm's stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $12.95, for a total value of $147,150.85. Following the sale, the insider now directly owns 15,738 shares of the company's stock, valued at $203,807.10. This trade represents a 41.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 11.20% of the stock is currently owned by insiders.

Hut 8 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.