Northwestern Mutual Wealth Management Co. Raises Stock Position in Hut 8 Corp. $HUT

Key Points

• Northwestern Mutual Wealth Management Co. dramatically increased its stake in Hut 8, adding more than 4 million shares and bringing its total holding to 4,062,454 shares, or about 3.76% of the company.
• Hut 8 reported a wider-than-expected loss in its latest quarter, posting EPS of ($1.98) versus analyst estimates of ($0.33), even though revenue of $139.31 million came in above expectations.
• Analysts remain generally bullish on the stock, with an average rating of Moderate Buy and an average price target of $107.72, while institutional ownership stands at 31.75%.

Northwestern Mutual Wealth Management Co. increased its holdings in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) by 4,669,387.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,062,454 shares of the company's stock after purchasing an additional 4,062,367 shares during the period. Northwestern Mutual Wealth Management Co. owned approximately 3.76% of Hut 8 worth $186,629,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in HUT. Millennium Management LLC raised its holdings in shares of Hut 8 by 11.9% during the first quarter. Millennium Management LLC now owns 330,416 shares of the company's stock worth $3,839,000 after purchasing an additional 35,120 shares during the last quarter. Prudential Financial Inc. purchased a new position in shares of Hut 8 during the second quarter worth $216,000. Russell Investments Group Ltd. raised its holdings in shares of Hut 8 by 235.8% during the second quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company's stock worth $46,000 after purchasing an additional 1,719 shares during the last quarter. New York State Common Retirement Fund raised its holdings in shares of Hut 8 by 19.9% during the second quarter. New York State Common Retirement Fund now owns 32,540 shares of the company's stock worth $605,000 after purchasing an additional 5,400 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Hut 8 by 13.2% during the second quarter. Invesco Ltd. now owns 1,067,985 shares of the company's stock worth $19,865,000 after purchasing an additional 124,439 shares during the last quarter. Hedge funds and other institutional investors own 31.75% of the company's stock.

Hut 8 Stock Performance

HUT opened at $102.47 on Friday. The firm has a market capitalization of $11.54 billion, a PE ratio of -34.16 and a beta of 4.48. Hut 8 Corp. has a twelve month low of $14.74 and a twelve month high of $112.26. The firm's 50-day moving average price is $66.88 and its 200 day moving average price is $55.72. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.12.

Hut 8 (NASDAQ:HUT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($1.98) earnings per share for the quarter, missing analysts' consensus estimates of ($0.33) by ($1.65). The business had revenue of $139.31 million for the quarter, compared to analyst estimates of $78.53 million. Hut 8 had a negative return on equity of 0.35% and a negative net margin of 109.77%. As a group, sell-side analysts expect that Hut 8 Corp. will post -2.34 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have weighed in on HUT shares. Citizens Jmp lifted their price objective on shares of Hut 8 from $100.00 to $140.00 and gave the company a "market outperform" rating in a report on Thursday, May 7th. HC Wainwright reaffirmed a "buy" rating and issued a $80.00 price objective on shares of Hut 8 in a report on Thursday, February 26th. Citigroup reaffirmed an "outperform" rating on shares of Hut 8 in a report on Tuesday, April 28th. Arete Research started coverage on shares of Hut 8 in a report on Monday, March 23rd. They issued a "buy" rating and a $136.00 price objective for the company. Finally, Roth Mkm reaffirmed a "buy" rating and issued a $80.00 price objective on shares of Hut 8 in a report on Tuesday, January 27th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $107.72.

Insider Buying and Selling

In other Hut 8 news, CFO Sean Joseph Glennan sold 4,625 shares of the business's stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $49.05, for a total value of $226,856.25. Following the transaction, the chief financial officer directly owned 12,068 shares in the company, valued at $591,935.40. The trade was a 27.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Rick Rickertsen sold 17,491 shares of the business's stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $110.00, for a total transaction of $1,924,010.00. Following the completion of the transaction, the director owned 17,491 shares in the company, valued at $1,924,010. The trade was a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 54,628 shares of company stock worth $4,960,721. 10.40% of the stock is owned by insiders.

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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