Massachusetts Financial Services Co. MA Purchases 829,484 Shares of Hut 8 Corp. (NASDAQ:HUT)

Massachusetts Financial Services Co. MA increased its holdings in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) by 181.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,287,163 shares of the company's stock after acquiring an additional 829,484 shares during the period. Massachusetts Financial Services Co. MA owned approximately 1.24% of Hut 8 worth $14,957,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. SBI Securities Co. Ltd. boosted its position in shares of Hut 8 by 51.7% during the first quarter. SBI Securities Co. Ltd. now owns 9,468 shares of the company's stock worth $110,000 after acquiring an additional 3,228 shares during the last quarter. Edgestream Partners L.P. purchased a new position in Hut 8 in the 1st quarter worth about $3,042,000. Teacher Retirement System of Texas purchased a new position in Hut 8 during the 1st quarter valued at about $143,000. Tobam bought a new stake in shares of Hut 8 in the 1st quarter valued at about $273,000. Finally, SG Americas Securities LLC boosted its holdings in shares of Hut 8 by 481.9% in the 1st quarter. SG Americas Securities LLC now owns 40,615 shares of the company's stock valued at $472,000 after buying an additional 33,635 shares in the last quarter. Institutional investors own 31.75% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Roth Capital started coverage on shares of Hut 8 in a report on Friday, June 6th. They set a "buy" rating and a $25.00 target price for the company. Canaccord Genuity Group reissued a "buy" rating and issued a $32.00 price objective on shares of Hut 8 in a report on Monday, May 12th. Northland Capmk raised shares of Hut 8 to a "strong-buy" rating in a research report on Monday, April 21st. BTIG Research initiated coverage on shares of Hut 8 in a report on Monday, April 14th. They issued a "buy" rating and a $18.00 target price on the stock. Finally, Benchmark dropped their price target on shares of Hut 8 from $41.00 to $33.00 and set a "buy" rating on the stock in a research note on Wednesday, April 2nd. Fifteen research analysts have rated the stock with a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $26.12.

Hut 8 Stock Performance

Shares of HUT stock traded up $0.06 during mid-day trading on Tuesday, reaching $21.40. 4,039,571 shares of the company were exchanged, compared to its average volume of 5,770,765. The business's 50 day simple moving average is $18.34 and its 200 day simple moving average is $17.12. Hut 8 Corp. has a fifty-two week low of $8.73 and a fifty-two week high of $31.95. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.27.

Hut 8 (NASDAQ:HUT - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.06). The company had revenue of $20.88 million during the quarter, compared to the consensus estimate of $33.68 million. Hut 8 had a negative net margin of 39.92% and a positive return on equity of 13.00%. On average, analysts forecast that Hut 8 Corp. will post -0.53 EPS for the current year.

Insider Transactions at Hut 8

In other 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 owned 15,738 shares of the company's stock, valued at $203,807.10. This represents a 41.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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 directly owned 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. Company insiders own 11.20% of the company's stock.

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.