Ninepoint Partners LP cut its stake in Hut 8 Corp. (NASDAQ:HUT - Free Report) by 42.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 42,798 shares of the company's stock after selling 32,052 shares during the period. Ninepoint Partners LP's holdings in Hut 8 were worth $497,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Hut 8 by 3.9% in the 4th quarter. Vanguard Group Inc. now owns 6,459,385 shares of the company's stock valued at $132,352,000 after buying an additional 245,113 shares during the last quarter. Northern Trust Corp raised its position in Hut 8 by 4.1% during the fourth quarter. Northern Trust Corp now owns 717,575 shares of the company's stock worth $14,703,000 after acquiring an additional 28,462 shares in the last quarter. ExodusPoint Capital Management LP bought a new position in shares of Hut 8 in the 4th quarter valued at about $1,180,000. Jericho Capital Asset Management L.P. acquired a new position in shares of Hut 8 during the 4th quarter worth about $37,400,000. Finally, JPMorgan Chase & Co. lifted its stake in Hut 8 by 23.1% in the 4th quarter. JPMorgan Chase & Co. now owns 322,927 shares of the company's stock valued at $6,617,000 after purchasing an additional 60,542 shares during the last quarter. Institutional investors and hedge funds own 31.75% of the company's stock.
Analysts Set New Price Targets
A number of research firms recently weighed in on HUT. JMP Securities initiated coverage on Hut 8 in a report on Thursday, May 22nd. They set a "market outperform" rating and a $25.00 target price on the stock. Northland Securities set a $26.00 price target on shares of Hut 8 in a research note on Friday, July 11th. HC Wainwright restated a "buy" rating and set a $25.00 price objective on shares of Hut 8 in a research report on Friday, May 9th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $32.00 target price on shares of Hut 8 in a research report on Monday, May 12th. Finally, Maxim Group assumed coverage on Hut 8 in a research note on Thursday, May 1st. They issued a "buy" rating and a $20.00 price target for the company. Fifteen 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.com, the company currently has an average rating of "Buy" and a consensus target price of $26.12.
View Our Latest Research Report on Hut 8
Hut 8 Price Performance
HUT stock traded down $0.76 during midday trading on Friday, reaching $20.38. 3,405,415 shares of the stock were exchanged, compared to its average volume of 5,813,212. Hut 8 Corp. has a 52 week low of $8.73 and a 52 week high of $31.95. The company has a fifty day moving average price of $18.73 and a 200 day moving average price of $17.07. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.27.
Hut 8 (NASDAQ:HUT - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.06). Hut 8 had a negative net margin of 39.92% and a positive return on equity of 13.00%. The company had revenue of $20.88 million during the quarter, compared to the consensus estimate of $33.68 million. On average, sell-side analysts anticipate that Hut 8 Corp. will post -0.53 EPS for the current year.
Insiders Place Their Bets
In other news, Director Joseph Flinn sold 11,069 shares of the firm's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $15.77, for a total transaction of $174,558.13. Following the completion of the sale, the director directly owned 19,791 shares of the company's stock, valued at $312,104.07. This trade represents a 35.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Victor Semah sold 11,363 shares of the business's stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $12.95, for a total transaction of $147,150.85. Following the completion of the transaction, the insider directly owned 15,738 shares in the company, valued at $203,807.10. This trade represents a 41.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. 11.20% of the stock is owned by company insiders.
Hut 8 Company Profile
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Free Report)
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.
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