Knightsbridge Asset Management LLC Sells 22,069 Shares of Hut 8 Corp. $HUT

Key Points

• Knightsbridge Asset Management LLC reduced its stake in Hut 8 Corp. by 30.1%, now holding 51,231 shares valued at $595,000.
• Several institutional investors increased their stakes in Hut 8, with notable growth from Price T Rowe Associates Inc. (66.1% increase) and Balyasny Asset Management L.P. (354.1% increase).
• Hut 8's Q2 earnings report revealed a loss of $0.14 EPS, slightly surpassing analysts' expectations, with revenue reported at $41.72 million.

Knightsbridge Asset Management LLC decreased its holdings in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) by 30.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 51,231 shares of the company's stock after selling 22,069 shares during the period. Knightsbridge Asset Management LLC's holdings in Hut 8 were worth $595,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in HUT. D. E. Shaw & Co. Inc. acquired a new stake in shares of Hut 8 during the fourth quarter worth $27,115,000. Voloridge Investment Management LLC bought a new position in Hut 8 during the fourth quarter worth about $24,170,000. Massachusetts Financial Services Co. MA grew its position in shares of Hut 8 by 181.2% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,287,163 shares of the company's stock worth $14,957,000 after buying an additional 829,484 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Hut 8 by 74.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,104,612 shares of the company's stock worth $12,835,000 after buying an additional 471,355 shares during the period. Finally, Two Seas Capital LP increased its stake in shares of Hut 8 by 132.7% in the 4th quarter. Two Seas Capital LP now owns 476,808 shares of the company's stock valued at $9,770,000 after acquiring an additional 271,892 shares during the last quarter. Institutional investors and hedge funds own 31.75% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Roth Capital initiated coverage on shares of Hut 8 in a research note on Friday, June 6th. They set a "buy" rating and a $25.00 price objective on the stock. Citigroup initiated coverage on shares of Hut 8 in a report on Thursday, May 22nd. They issued an "outperform" rating on the stock. Maxim Group lifted their price target on shares of Hut 8 from $23.00 to $30.00 and gave the stock a "buy" rating in a research report on Monday, August 11th. Northland Securities set a $26.00 price objective on shares of Hut 8 in a research report on Friday, July 11th. Finally, Rosenblatt Securities decreased their target price on Hut 8 from $24.00 to $23.00 and set a "buy" rating for the company in a research note on Monday, August 11th. Four equities research analysts have rated the stock with a Strong Buy rating and fifteen have given a Buy rating to the stock. According to MarketBeat.com, Hut 8 has a consensus rating of "Buy" and an average target price of $27.82.

Hut 8 Stock Performance

NASDAQ:HUT traded up $0.43 during trading hours on Friday, reaching $32.39. 2,429,376 shares of the stock were exchanged, compared to its average volume of 5,656,825. The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 0.19. Hut 8 Corp. has a twelve month low of $10.04 and a twelve month high of $32.83. The firm has a 50 day moving average of $23.04 and a 200 day moving average of $17.49.

Hut 8 (NASDAQ:HUT - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.01. The business had revenue of $41.72 million during the quarter, compared to analysts' expectations of $49.10 million. Hut 8 had a net margin of 112.81% and a return on equity of 8.73%. As a group, analysts anticipate that Hut 8 Corp. will post -0.53 EPS for the current year.

Insider Transactions at Hut 8

In related news, CFO Sean Joseph Glennan sold 6,060 shares of the stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $22.09, for a total transaction of $133,865.40. Following the completion of the transaction, the chief financial officer directly owned 6,295 shares of the company's stock, valued at approximately $139,056.55. This represents a 49.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Joseph Flinn sold 11,069 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the director owned 19,791 shares of the company's stock, valued at approximately $312,104.07. This represents a 35.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 27,129 shares of company stock valued at $574,044. Company insiders own 11.20% of the company's stock.

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.