Meeder Asset Management Inc. Increases Stake in Hut 8 Corp. $HUT

Key Points

• Meeder Asset Management sharply increased its Hut 8 position in Q1, boosting its stake by 1,092.6% to 55,909 shares worth about $2.62 million.
• Several other institutional investors also added to or initiated positions in Hut 8, while institutions now own 31.75% of the company. Insiders, however, have been net sellers recently, including two directors who sold shares in May.
• Hut 8 reported a wider-than-expected quarterly loss, with EPS of -$1.98 versus estimates of -$0.33, even though revenue came in above expectations at $139.31 million. Analysts remain broadly constructive, with 17 Buy ratings and an average price target of $120.37.

Meeder Asset Management Inc. raised its position in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) by 1,092.6% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 55,909 shares of the company's stock after purchasing an additional 51,221 shares during the quarter. Meeder Asset Management Inc.'s holdings in Hut 8 were worth $2,623,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in HUT. GAMMA Investing LLC bought a new stake in shares of Hut 8 during the fourth quarter valued at approximately $30,000. Imprint Wealth LLC purchased a new stake in Hut 8 during the 4th quarter valued at $38,000. Russell Investments Group Ltd. increased its holdings in shares of Hut 8 by 235.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company's stock worth $46,000 after purchasing an additional 1,719 shares in the last quarter. Harbor Investment Advisory LLC purchased a new position in shares of Hut 8 in the first quarter worth $47,000. Finally, Activest Wealth Management purchased a new position in shares of Hut 8 in the fourth quarter worth $49,000. Institutional investors own 31.75% of the company's stock.

Insider Buying and Selling at Hut 8

In related news, Director Amy Marie Wilkinson sold 20,000 shares of the firm's stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $100.78, for a total value of $2,015,600.00. Following the transaction, the director owned 262,136 shares of the company's stock, valued at approximately $26,418,066.08. This trade represents a 7.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Rick Rickertsen sold 17,491 shares of the business's stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $110.00, for a total transaction of $1,924,010.00. Following the sale, the director owned 17,491 shares of the company's stock, valued at $1,924,010. This trade represents a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 112,724 shares of company stock worth $12,184,340. 10.40% of the stock is owned by corporate insiders.

Hut 8 Stock Performance

HUT stock opened at $91.45 on Monday. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.86 and a quick ratio of 0.86. Hut 8 Corp. has a 1 year low of $18.68 and a 1 year high of $140.80. The company has a market cap of $10.30 billion, a P/E ratio of -30.48 and a beta of 4.62. The stock's fifty day moving average price is $111.24 and its 200-day moving average price is $77.35.

Hut 8 (NASDAQ:HUT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($1.98) EPS for the quarter, missing analysts' consensus estimates of ($0.33) by ($1.65). Hut 8 had a negative net margin of 109.77% and a negative return on equity of 0.35%. The firm had revenue of $139.31 million for the quarter, compared to analysts' expectations of $78.53 million. On average, equities analysts forecast that Hut 8 Corp. will post -1.29 earnings per share for the current year.

Analysts Set New Price Targets

HUT has been the topic of several recent analyst reports. Jefferies Financial Group began coverage on Hut 8 in a research report on Thursday, May 14th. They set a "buy" rating and a $156.00 price objective on the stock. BTIG Research boosted their target price on Hut 8 from $115.00 to $150.00 and gave the stock a "buy" rating in a research report on Wednesday, June 24th. Northland Securities set a $120.00 target price on shares of Hut 8 in a research note on Thursday, May 7th. Piper Sandler raised their price target on shares of Hut 8 from $93.00 to $127.00 and gave the company an "overweight" rating in a report on Wednesday, May 6th. Finally, Benchmark lifted their price target on shares of Hut 8 from $85.00 to $165.00 and gave the stock a "buy" rating in a research note on Tuesday, July 14th. Seventeen investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $120.37.

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.

Want to see what other hedge funds are holding HUT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Hut 8 Corp. (NASDAQ:HUT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.