Nishkama Capital LLC Reduces 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 decreased its holdings in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) by 50.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 270,072 shares of the company's stock after selling 280,009 shares during the period. Hut 8 makes up about 0.3% of Nishkama Capital LLC's holdings, making the stock its 29th biggest position. Nishkama Capital LLC owned approximately 0.26% of Hut 8 worth $3,138,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Optiver Holding B.V. acquired a new stake in shares of Hut 8 in the 4th quarter worth approximately $35,000. Russell Investments Group Ltd. grew its holdings in shares of Hut 8 by 832.4% in the 4th quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company's stock worth $42,000 after acquiring an additional 1,823 shares during the period. US Bancorp DE grew its holdings in shares of Hut 8 by 3,961.7% in the 1st quarter. US Bancorp DE now owns 3,290 shares of the company's stock worth $38,000 after acquiring an additional 3,209 shares during the period. NewEdge Advisors LLC grew its holdings in shares of Hut 8 by 1,568.0% in the 4th quarter. NewEdge Advisors LLC now owns 3,336 shares of the company's stock worth $68,000 after acquiring an additional 3,136 shares during the period. Finally, Quantbot Technologies LP acquired a new stake in shares of Hut 8 in the 1st quarter worth approximately $95,000. Institutional investors and hedge funds own 31.75% of the company's stock.

Hut 8 Stock Performance

Shares of Hut 8 stock traded up $0.22 during trading hours on Friday, reaching $26.73. 4,091,540 shares of the company's stock were exchanged, compared to its average volume of 5,200,502. 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 of $21.37 and a 200-day moving average of $16.97. The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 0.19.

Hut 8 (NASDAQ:HUT - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.01. The business had revenue of $41.72 million for the quarter, compared to analyst estimates of $49.10 million. Hut 8 had a return on equity of 8.73% and a net margin of 112.81%. Equities analysts expect that Hut 8 Corp. will post -0.53 earnings per share for the current year.

Insider Buying and Selling at Hut 8

In related news, CFO Sean Joseph Glennan sold 6,060 shares of the stock in a transaction 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 transaction, the chief financial officer directly owned 6,295 shares of the company's stock, valued at approximately $139,056.55. This trade represents a 49.05% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Joseph Flinn sold 11,069 shares of the stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $15.77, for a total value of $174,558.13. Following the completion of the transaction, the director directly owned 19,791 shares in the company, valued at $312,104.07. This trade represents a 35.87% 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 worth $574,044 over the last ninety days. Corporate insiders own 11.20% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on HUT shares. B. Riley started coverage on Hut 8 in a report on Wednesday, May 14th. They issued a "buy" rating and a $25.00 price target on the stock. Needham & Company LLC restated a "buy" rating and issued a $21.00 price target on shares of Hut 8 in a report on Friday, May 9th. Citizens Jmp upgraded Hut 8 to a "strong-buy" rating and set a $25.00 target price on the stock in a report on Thursday, May 22nd. HC Wainwright reiterated a "buy" rating and set a $25.00 target price on shares of Hut 8 in a report on Friday, May 9th. Finally, Maxim Group increased their target price on Hut 8 from $23.00 to $30.00 and gave the company 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 MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $26.94.

Hut 8 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.