Montanova Capital LLC Invests $77.35 Million in Hut 8 Corp. $HUT

Key Points

• Montanova Capital initiated a $77.35 million position in Hut 8, purchasing 670,000 shares and owning approximately 0.54% of the company. Institutional investors and hedge funds collectively own 31.75% of Hut 8.
• Analyst sentiment remains broadly positive: MarketBeat reports a consensus “Buy” rating and an average price target of $144.89, with several firms recently raising their targets.
• Hut 8’s latest quarterly results fell short of expectations, reporting a $1.27 per-share loss and $74.93 million in revenue versus estimates of a $0.55 loss and $79.37 million in revenue. The stock opened at $78.64, well below its 52-week high of $140.80.

Montanova Capital LLC bought a new stake in Hut 8 Corp. (NASDAQ:HUT - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 670,000 shares of the company's stock, valued at approximately $77,348,000. Hut 8 accounts for 1.3% of Montanova Capital LLC's portfolio, making the stock its 24th biggest position. Montanova Capital LLC owned 0.54% of Hut 8 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Headlands Technologies LLC bought a new position in Hut 8 during the second quarter worth about $576,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Hut 8 by 31.2% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 211,681 shares of the company's stock worth $24,438,000 after purchasing an additional 50,360 shares in the last quarter. Hsbc Holdings PLC bought a new position in shares of Hut 8 during the second quarter worth approximately $351,000. Wellington Management Group LLP bought a new position in shares of Hut 8 during the second quarter worth approximately $97,949,000. Finally, Kingsview Wealth Management LLC acquired a new stake in shares of Hut 8 in the second quarter valued at approximately $452,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Victor Semah sold 10,000 shares of the company's stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $125.00, for a total value of $1,250,000.00. Following the completion of the sale, the insider owned 31,378 shares in the company, valued at $3,922,250. This represents a 24.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Sean Joseph Glennan sold 6,445 shares of the company's stock in a transaction on Monday, August 24th. The stock was sold at an average price of $78.76, for a total transaction of $507,608.20. Following the completion of the sale, the chief financial officer owned 17,978 shares of the company's stock, valued at approximately $1,415,947.28. The trade was a 26.39% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 54,664 shares of company stock valued at $6,212,160 in the last three months. 10.40% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on HUT shares. Piper Sandler increased their price target on Hut 8 from $127.00 to $143.00 and gave the stock an "overweight" rating in a research report on Thursday, August 6th. B. Riley Financial upped their target price on Hut 8 from $130.00 to $163.00 and gave the company a "buy" rating in a research report on Monday, August 3rd. Morgan Stanley began coverage on Hut 8 in a report on Thursday, July 23rd. They set an "overweight" rating and a $263.00 target price on the stock. Keefe, Bruyette & Woods dropped their price target on Hut 8 from $157.00 to $154.00 and set an "outperform" rating for the company in a research note on Thursday, August 6th. Finally, Compass Point set a $195.00 price objective on shares of Hut 8 in a research report on Wednesday, July 22nd. Three analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $144.89.

Hut 8 Trading Down 1.0%

NASDAQ:HUT opened at $78.64 on Tuesday. The company has a debt-to-equity ratio of 4.22, a quick ratio of 19.35 and a current ratio of 19.35. The firm's fifty day moving average is $98.03 and its 200-day moving average is $85.40. Hut 8 Corp. has a 52 week low of $24.20 and a 52 week high of $140.80. The firm has a market cap of $9.69 billion, a P/E ratio of -14.43 and a beta of 4.64.

Hut 8 (NASDAQ:HUT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($1.27) EPS for the quarter, missing analysts' consensus estimates of ($0.55) by ($0.72). Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%.The company had revenue of $74.93 million during the quarter, compared to analyst estimates of $79.37 million. During the same quarter in the previous year, the business posted $1.18 earnings per share. Equities analysts expect that Hut 8 Corp. will post -2.85 earnings per share for the current year.

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.

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