Nuveen LLC Buys New Holdings in Hut 8 Corp. $HUT

Key Points

• Nuveen LLC has acquired 215,804 shares of Hut 8 Corp. for approximately $2.5 million, representing about 0.21% of the company's stock.
• In the 1st quarter, several institutional investors made significant increases to their holdings in Hut 8, with US Bancorp DE growing its stake by 3,961.7%.
• Hut 8 reported earnings of ($0.14) per share, slightly beating analysts' forecasts, with a total revenue of $41.72 million for the quarter.

Nuveen LLC bought a new stake in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 215,804 shares of the company's stock, valued at approximately $2,508,000. Nuveen LLC owned about 0.21% of Hut 8 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in HUT. US Bancorp DE grew its position in Hut 8 by 3,961.7% during the 1st quarter. US Bancorp DE now owns 3,290 shares of the company's stock worth $38,000 after purchasing an additional 3,209 shares in the last quarter. NewEdge Advisors LLC grew its holdings in shares of Hut 8 by 1,568.0% during the fourth quarter. NewEdge Advisors LLC now owns 3,336 shares of the company's stock valued at $68,000 after buying an additional 3,136 shares in the last quarter. SBI Securities Co. Ltd. grew its holdings in shares of Hut 8 by 51.7% during the first quarter. SBI Securities Co. Ltd. now owns 9,468 shares of the company's stock valued at $110,000 after buying an additional 3,228 shares in the last quarter. Nomura Holdings Inc. acquired a new position in Hut 8 during the fourth quarter valued at $208,000. Finally, Victory Capital Management Inc. lifted its stake in Hut 8 by 7.9% in the 1st quarter. Victory Capital Management Inc. now owns 11,127 shares of the company's stock worth $129,000 after acquiring an additional 819 shares in the last quarter. Hedge funds and other institutional investors own 31.75% of the company's stock.

Hut 8 Trading Down 7.4%

HUT traded down $2.06 on Thursday, hitting $25.61. The company had a trading volume of 6,372,838 shares, compared to its average volume of 5,459,939. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 0.19. The company's fifty day moving average price is $22.13 and its 200 day moving average price is $17.15. 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 released its quarterly earnings results on Thursday, August 7th. The company reported ($0.14) EPS for the quarter, beating analysts' consensus estimates of ($0.15) by $0.01. Hut 8 had a net margin of 112.81% and a return on equity of 8.73%. The company had revenue of $41.72 million for the quarter, compared to analyst estimates of $49.10 million. Equities analysts anticipate that Hut 8 Corp. will post -0.53 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on HUT. Citigroup started coverage on Hut 8 in a research note on Thursday, May 22nd. They set an "outperform" rating on the stock. Roth Capital began coverage on shares of Hut 8 in a research report on Friday, June 6th. They set a "buy" rating and a $25.00 price objective on the stock. Needham & Company LLC reiterated a "buy" rating and issued a $21.00 target price on shares of Hut 8 in a research report on Friday, May 9th. Citizens Jmp raised shares of Hut 8 to a "strong-buy" rating and set a $25.00 target price for the company in a research note on Thursday, May 22nd. Finally, Rosenblatt Securities dropped their price target on shares of Hut 8 from $24.00 to $23.00 and set a "buy" rating on the stock in a research note on Monday, August 11th. Four equities research analysts have rated the stock with a Strong Buy rating and fifteen have given a Buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $26.94.

Insiders Place Their Bets

In other news, Director Joseph Flinn sold 11,069 shares of the stock in a transaction that occurred 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 sale, the director directly owned 19,791 shares of the company's stock, valued at approximately $312,104.07. This represents a 35.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Sean Joseph Glennan sold 6,060 shares of the firm's stock in a transaction on Monday, August 25th. The stock was sold at an average price of $22.09, for a total transaction of $133,865.40. Following the completion of the sale, the chief financial officer owned 6,295 shares in the company, valued at $139,056.55. This represents a 49.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 27,129 shares of company stock valued at $574,044. Company insiders own 11.20% of the company's stock.

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.