MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Has $12.84 Million Position in Hut 8 Corp. $HUT

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. raised its position in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) by 74.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,104,612 shares of the company's stock after buying an additional 471,355 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned 1.06% of Hut 8 worth $12,835,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. State of Wyoming acquired a new stake in shares of Hut 8 during the first quarter valued at approximately $32,000. US Bancorp DE grew its position in Hut 8 by 3,961.7% during the 1st quarter. US Bancorp DE now owns 3,290 shares of the company's stock worth $38,000 after purchasing an additional 3,209 shares in the last quarter. Quantbot Technologies LP purchased a new position in Hut 8 during the 1st quarter worth approximately $95,000. SBI Securities Co. Ltd. raised its stake in Hut 8 by 51.7% during the 1st quarter. SBI Securities Co. Ltd. now owns 9,468 shares of the company's stock valued at $110,000 after purchasing an additional 3,228 shares during the period. Finally, Victory Capital Management Inc. lifted its holdings in shares of Hut 8 by 7.9% in the first quarter. Victory Capital Management Inc. now owns 11,127 shares of the company's stock valued at $129,000 after purchasing an additional 819 shares in the last quarter. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Hut 8 news, CFO Sean Joseph Glennan sold 6,060 shares of the business's stock in a transaction that occurred on Monday, August 25th. The shares were 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. The trade was a 49.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Joseph Flinn sold 8,500 shares of the stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $26.55, for a total transaction of $225,675.00. Following the transaction, the director owned 9,791 shares in the company, valued at approximately $259,951.05. This trade represents a 46.47% decrease in their position. The disclosure for this sale can be found here. Insiders sold 27,129 shares of company stock valued at $574,044 over the last quarter. Corporate insiders own 11.20% of the company's stock.

Hut 8 Stock Performance

Shares of HUT traded up $0.48 during midday trading on Friday, reaching $32.44. 3,811,474 shares of the stock were exchanged, compared to its average volume of 5,536,389. Hut 8 Corp. has a 12-month low of $10.04 and a 12-month high of $32.83. The firm has a 50 day simple moving average of $23.25 and a 200-day simple moving average of $17.61. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 0.19.

Hut 8 (NASDAQ:HUT - Get Free Report) last announced 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. Hut 8 had a return on equity of 8.73% and a net margin of 112.81%.The business had revenue of $41.72 million during the quarter, compared to analysts' expectations of $49.10 million. On average, equities research analysts predict that Hut 8 Corp. will post -0.53 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on HUT. JMP Securities assumed coverage on Hut 8 in a research report on Thursday, May 22nd. They issued a "market outperform" rating and a $25.00 target price for the company. Rosenblatt Securities decreased their price objective on Hut 8 from $24.00 to $23.00 and set a "buy" rating for the company in a research report on Monday, August 11th. Canaccord Genuity Group upped their target price on Hut 8 from $32.00 to $36.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. Citizens Jmp raised shares of Hut 8 to a "strong-buy" rating and set a $25.00 price target for the company in a research report on Thursday, May 22nd. Finally, Maxim Group raised their price target on shares of Hut 8 from $23.00 to $30.00 and gave the stock a "buy" rating in a report on Monday, August 11th. Four analysts have rated the stock with a Strong Buy rating and fifteen have given a Buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $27.82.

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.