Jupiter Topco LLC Makes New $8.52 Million Investment in Hut 8 Corp. $HUT

Key Points

• Jupiter Topco LLC acquired 73,769 Hut 8 shares worth approximately $8.52 million, joining several institutional investors that initiated positions during the second quarter. Institutional investors now own 31.75% of HUT.
• Analyst sentiment remains broadly positive, with a consensus “Buy” rating and an average price target of $144.89; targets recently ranged as high as $163.
• Hut 8 reported weaker-than-expected quarterly results, including an adjusted loss of $1.27 per share versus a $0.55 consensus loss and revenue of $74.93 million below estimates. Meanwhile, insiders sold 54,664 shares worth $6.21 million over the past quarter.

Jupiter Topco LLC acquired a new stake in Hut 8 Corp. (NASDAQ:HUT - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 73,769 shares of the company's stock, valued at approximately $8,516,000. Jupiter Topco LLC owned about 0.06% of Hut 8 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in HUT. Hsbc Holdings PLC bought a new position in shares of Hut 8 in the second quarter worth approximately $351,000. Dayah Capital LLC purchased a new stake in Hut 8 during the 2nd quarter valued at $7,634,000. Canada Pension Plan Investment Board bought a new stake in Hut 8 in the 2nd quarter worth $45,301,000. Nicholas Investment Partners LP purchased a new position in shares of Hut 8 in the second quarter valued at about $2,447,000. Finally, Legal & General Group Plc bought a new position in Hut 8 during the 2nd quarter valued at approximately $9,057,000. Hedge funds and other institutional investors own 31.75% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on HUT shares. Northland Securities set a $120.00 target price on Hut 8 in a research note on Thursday, May 7th. Citizens Jmp raised their price target on Hut 8 from $100.00 to $140.00 and gave the stock a "market outperform" rating in a research note on Thursday, May 7th. Freedom Capital upgraded shares of Hut 8 to a "strong-buy" rating in a report on Tuesday, August 18th. Piper Sandler boosted their price objective on shares of Hut 8 from $127.00 to $143.00 and gave the company an "overweight" rating in a research report on Thursday, August 6th. Finally, B. Riley Financial upped their price objective on shares of Hut 8 from $130.00 to $163.00 and gave the stock a "buy" rating in a report on Monday, August 3rd. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Hut 8 presently has a consensus rating of "Buy" and a consensus price target of $144.89.

Insiders Place Their Bets

In other news, CFO Sean Joseph Glennan sold 6,445 shares of the business's stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $78.76, for a total value of $507,608.20. Following the sale, the chief financial officer directly owned 17,978 shares of the company's stock, valued at $1,415,947.28. The trade was a 26.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Victor Semah sold 10,000 shares of the business's stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $125.00, for a total value of $1,250,000.00. Following the completion of the sale, the insider directly owned 31,378 shares in the company, valued at approximately $3,922,250. This represents a 24.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 54,664 shares of company stock worth $6,212,160. 10.40% of the stock is currently owned by company insiders.

Hut 8 Stock Performance

NASDAQ HUT opened at $79.42 on Monday. The firm has a market capitalization of $9.79 billion, a PE ratio of -14.57 and a beta of 4.64. The stock's 50 day moving average is $98.87 and its 200 day moving average is $85.23. Hut 8 Corp. has a twelve month low of $24.20 and a twelve month high of $140.80. The company has a quick ratio of 19.35, a current ratio of 19.35 and a debt-to-equity ratio of 4.22.

Hut 8 (NASDAQ:HUT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.55) by ($0.72). Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%.The firm had revenue of $74.93 million during the quarter, compared to the consensus estimate of $79.37 million. During the same quarter last year, the company posted $1.18 EPS. Research analysts forecast that Hut 8 Corp. will post -2.85 earnings per share for the current fiscal year.

Hut 8 Profile

Hut 8 Corp., trading on the Nasdaq under the symbol HUT, is a North American digital infrastructure company specializing in cryptocurrency mining and high‐performance computing. Founded in 2017 and headquartered in Toronto, Canada, Hut 8 operates purpose‐built data centers that house fleets of specialized ASIC and GPU servers. Through its flagship mining facilities in Alberta and Ontario, the company leverages low‐cost, low‐carbon power sources—such as hydroelectric and natural gas—to support sustainable bitcoin production.

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