Nishkama Capital LLC Lowers Stock Position in Hut 8 Corp. $HUT

Key Points

• Nishkama Capital LLC significantly reduced its stake in Hut 8 Corp. by 50.9%, bringing its holdings down to 270,072 shares worth approximately $3.14 million.
• Other institutional investors such as Jericho Capital and D. E. Shaw have also newly invested substantial amounts in Hut 8, indicating renewed interest in the stock.
• Hut 8 Corp. reported earnings of ($0.14) per share for the last quarter, surpassing analysts' expectations, whereas revenue fell short of predictions, totaling $41.72 million.

Nishkama Capital LLC cut its holdings in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) by 50.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 270,072 shares of the company's stock after selling 280,009 shares during the quarter. Hut 8 accounts for approximately 0.3% of Nishkama Capital LLC's holdings, making the stock its 29th biggest holding. Nishkama Capital LLC owned approximately 0.26% of Hut 8 worth $3,138,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in HUT. Jericho Capital Asset Management L.P. purchased a new position in shares of Hut 8 during the fourth quarter worth approximately $37,400,000. D. E. Shaw & Co. Inc. purchased a new position in shares of Hut 8 in the fourth quarter worth $27,115,000. Voloridge Investment Management LLC purchased a new position in shares of Hut 8 in the fourth quarter worth $24,170,000. Massachusetts Financial Services Co. MA increased its stake in shares of Hut 8 by 181.2% in the first 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 period. Finally, Two Seas Capital LP increased its stake in shares of Hut 8 by 132.7% in the fourth 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 period. 31.75% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Hut 8

In other Hut 8 news, Director Joseph Flinn sold 11,069 shares of the company's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $15.77, for a total transaction of $174,558.13. Following the transaction, the director owned 19,791 shares in the company, valued at approximately $312,104.07. This represents a 35.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 11.20% of the company's stock.

Hut 8 Price Performance

NASDAQ:HUT opened at $23.37 on Monday. The firm's 50-day moving average price is $20.51 and its 200-day moving average price is $16.74. 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 Corp. has a 1-year low of $8.73 and a 1-year high of $31.95.

Hut 8 (NASDAQ:HUT - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.15) by $0.01. The company had revenue of $41.72 million for the quarter, compared to analysts' expectations of $49.10 million. Hut 8 had a net margin of 112.81% and a return on equity of 8.73%. On average, sell-side analysts anticipate that Hut 8 Corp. will post -0.53 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. HC Wainwright reaffirmed a "buy" rating and issued a $25.00 target price on shares of Hut 8 in a research note on Friday, May 9th. Citizens Jmp raised shares of Hut 8 to a "strong-buy" rating and set a $25.00 target price on the stock in a research note on Thursday, May 22nd. Northland Securities set a $26.00 target price on shares of Hut 8 in a research note on Friday, July 11th. Roth Capital assumed coverage on shares of Hut 8 in a report on Friday, June 6th. They issued a "buy" rating and a $25.00 price target on the stock. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $21.00 price target on shares of Hut 8 in a report on Friday, May 9th. Four equities research analysts have rated the stock with a Strong Buy rating and fifteen have issued a Buy rating to the stock. According to data from MarketBeat, Hut 8 has an average rating of "Buy" and a consensus price target of $26.94.

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.

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