Hut 8 Corp. $HUT Shares Purchased by MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Hut 8 Corp. by 74.4% during the first quarter, owning 1,104,612 shares worth approximately $12.84 million at the end of that period.
• Several institutional investors have significantly altered their positions in Hut 8, with US Bancorp DE increasing its stake by 3,961.7%, now owning 3,290 shares valued at $38,000.
• Hut 8 received multiple ratings upgrades, with JMP Securities and Citigroup issuing "outperform" ratings and Canaccord Genuity raising the price target from $32.00 to $36.00.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Hut 8 Corp. (NASDAQ:HUT - Free Report) by 74.4% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 1,104,612 shares of the company's stock after acquiring an additional 471,355 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned about 1.06% of Hut 8 worth $12,835,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in HUT. D. E. Shaw & Co. Inc. purchased a new position in shares of Hut 8 in the 4th quarter valued at about $27,115,000. Voloridge Investment Management LLC purchased a new position in Hut 8 during the 4th quarter worth approximately $24,170,000. Massachusetts Financial Services Co. MA grew its stake in 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 last quarter. Two Seas Capital LP grew its stake in Hut 8 by 132.7% during the 4th quarter. Two Seas Capital LP now owns 476,808 shares of the company's stock worth $9,770,000 after buying an additional 271,892 shares during the last quarter. Finally, Edgestream Partners L.P. purchased a new position in Hut 8 during the 1st quarter worth approximately $3,042,000. Hedge funds and other institutional investors own 31.75% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on HUT shares. BTIG Research raised their price target on Hut 8 from $25.00 to $33.00 and gave the stock a "buy" rating in a research note on Tuesday, September 9th. Roth Capital started coverage on Hut 8 in a research note on Friday, June 6th. They set a "buy" rating and a $25.00 price target on the stock. Northland Securities set a $26.00 price target on Hut 8 in a research note on Friday, July 11th. JMP Securities assumed coverage on Hut 8 in a research note on Thursday, May 22nd. They issued a "market outperform" rating and a $25.00 target price on the stock. Finally, Citigroup started coverage on Hut 8 in a report on Thursday, May 22nd. They issued an "outperform" rating on the stock. Four investment analysts have rated the stock with a Strong Buy rating and fifteen have assigned a Buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $27.82.

Insider Activity at Hut 8

In other news, CFO Sean Joseph Glennan sold 6,060 shares of the firm's stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $22.09, for a total value of $133,865.40. Following the completion of the sale, the chief financial officer directly owned 6,295 shares of the company's stock, valued at $139,056.55. This trade represents a 49.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph Flinn sold 8,500 shares of the firm's stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $26.55, for a total value of $225,675.00. Following the completion of the sale, the director directly owned 9,791 shares of the company's stock, valued at $259,951.05. This represents a 46.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 27,129 shares of company stock valued at $574,044 over the last three months. Insiders own 11.20% of the company's stock.

Hut 8 Trading Up 1.5%

Shares of HUT traded up $0.48 during mid-day trading on Friday, hitting $32.44. The company's stock had a trading volume of 3,811,474 shares, compared to its average volume of 5,490,863. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 0.19. The firm has a 50-day simple moving average of $23.25 and a 200 day simple moving average of $17.65. Hut 8 Corp. has a 1-year low of $10.04 and a 1-year high of $32.83.

Hut 8 (NASDAQ:HUT - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.14) EPS for the quarter, beating 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 return on equity of 8.73% and a net margin of 112.81%. On average, 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.