Hut 8 Corp. (NASDAQ:HUT) Shares Sold by Vident Advisory LLC

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

A number of other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Hut 8 by 3.9% in the fourth quarter. Vanguard Group Inc. now owns 6,459,385 shares of the company's stock valued at $132,352,000 after purchasing an additional 245,113 shares during the period. ExodusPoint Capital Management LP purchased a new position in shares of Hut 8 in the fourth quarter valued at approximately $1,180,000. Jericho Capital Asset Management L.P. purchased a new position in shares of Hut 8 in the fourth quarter valued at approximately $37,400,000. JPMorgan Chase & Co. boosted its stake in shares of Hut 8 by 23.1% in the fourth quarter. JPMorgan Chase & Co. now owns 322,927 shares of the company's stock valued at $6,617,000 after purchasing an additional 60,542 shares during the period. Finally, Northern Trust Corp boosted its stake in shares of Hut 8 by 4.1% in the fourth quarter. Northern Trust Corp now owns 717,575 shares of the company's stock valued at $14,703,000 after purchasing an additional 28,462 shares during the period. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on HUT shares. HC Wainwright reissued a "buy" rating and issued a $25.00 price objective on shares of Hut 8 in a research note on Friday, May 9th. Canaccord Genuity Group reissued a "buy" rating and issued a $32.00 price objective on shares of Hut 8 in a research note on Monday, May 12th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $30.00 price target on shares of Hut 8 in a research note on Friday, March 7th. Maxim Group began coverage on shares of Hut 8 in a research note on Thursday, May 1st. They issued a "buy" rating and a $20.00 price target for the company. Finally, Northland Securities began coverage on shares of Hut 8 in a research note on Monday, April 21st. They issued an "outperform" rating and a $20.00 price target for the company. Thirteen analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Hut 8 has a consensus rating of "Buy" and a consensus target price of $25.93.

Insiders Place Their Bets

In other news, insider Victor Semah sold 11,363 shares of Hut 8 stock in a transaction on Monday, May 5th. The shares were sold at an average price of $12.95, for a total value of $147,150.85. Following the transaction, the insider now directly owns 15,738 shares of the company's stock, valued at $203,807.10. The trade was a 41.93% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 11.20% of the stock is owned by corporate insiders.

Hut 8 Trading Up 0.2%

HUT stock opened at $17.17 on Tuesday. 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 Corp. has a twelve month low of $8.53 and a twelve month high of $31.95. The company's 50 day moving average is $12.90 and its two-hundred day moving average is $18.95.

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 analysts' consensus estimates of ($0.12) by ($0.06). The business had revenue of $20.88 million for the quarter, compared to the consensus estimate of $33.68 million. As a group, equities research analysts expect 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.

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