Oasis Management Co Ltd. Acquires 1,611,653 Shares of Hut 8 Corp. $HUT

Key Points

• Oasis Management boosted its Hut 8 stake by 231.5% in the fourth quarter, buying 1.61 million more shares to reach 2.31 million shares. The position is now worth about $106 million and represents 6.9% of Oasis’s portfolio.
• Several other institutional investors also increased or initiated positions in Hut 8, and institutions now own 31.75% of the company. Analyst sentiment remains positive, with 17 Buy ratings and a consensus Moderate Buy rating plus a $107.72 average price target.
• Hut 8 reported a mixed quarterly update: revenue of $139.31 million beat estimates, but earnings per share came in at $(1.98), well below expectations. The stock was up 2.2% on Friday and traded at $118.86, near its 52-week high of $140.80.

Oasis Management Co Ltd. increased its holdings in Hut 8 Corp. (NASDAQ:HUT - Free Report) by 231.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,307,683 shares of the company's stock after acquiring an additional 1,611,653 shares during the period. Hut 8 comprises 6.9% of Oasis Management Co Ltd.'s investment portfolio, making the stock its 2nd biggest holding. Oasis Management Co Ltd. owned 2.14% of Hut 8 worth $106,015,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Harvest Portfolios Group Inc. raised its holdings in shares of Hut 8 by 75.3% in the 3rd quarter. Harvest Portfolios Group Inc. now owns 85,093 shares of the company's stock worth $2,962,000 after acquiring an additional 36,543 shares during the last quarter. Zweig DiMenna Associates LLC raised its holdings in shares of Hut 8 by 256.5% in the 3rd quarter. Zweig DiMenna Associates LLC now owns 707,000 shares of the company's stock worth $24,611,000 after acquiring an additional 508,700 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Hut 8 by 4,669,387.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company's stock worth $186,629,000 after acquiring an additional 4,062,367 shares during the last quarter. Handelsbanken Fonder AB acquired a new stake in shares of Hut 8 in the 4th quarter worth about $1,153,000. Finally, WINTON GROUP Ltd acquired a new stake in shares of Hut 8 in the 3rd quarter worth about $1,385,000. Institutional investors and hedge funds own 31.75% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on HUT shares. HC Wainwright restated a "buy" rating and issued a $80.00 target price on shares of Hut 8 in a report on Thursday, February 26th. Compass Point set a $130.00 price target on shares of Hut 8 in a research report on Wednesday, May 13th. Northland Securities set a $120.00 price target on shares of Hut 8 in a research report on Thursday, May 7th. Needham & Company LLC raised their price target on shares of Hut 8 from $88.00 to $128.00 and gave the company a "buy" rating in a research report on Thursday, May 7th. Finally, Citigroup reissued an "outperform" rating on shares of Hut 8 in a research report on Tuesday, April 28th. Seventeen equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Hut 8 has a consensus rating of "Moderate Buy" and a consensus price target of $107.72.

Hut 8 Stock Up 2.2%

HUT opened at $118.86 on Friday. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.86 and a quick ratio of 0.86. The company's 50-day moving average is $92.90 and its 200 day moving average is $65.62. Hut 8 Corp. has a fifty-two week low of $15.26 and a fifty-two week high of $140.80. The firm has a market capitalization of $13.38 billion, a P/E ratio of -39.62 and a beta of 4.61.

Hut 8 (NASDAQ:HUT - Get Free Report) last released 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 firm had revenue of $139.31 million for the quarter, compared to the consensus estimate of $78.53 million. Hut 8 had a negative net margin of 109.77% and a negative return on equity of 0.35%. Research analysts expect that Hut 8 Corp. will post -1.29 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Hut 8 news, Director Amy Marie Wilkinson sold 20,000 shares of Hut 8 stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $100.78, for a total value of $2,015,600.00. Following the sale, the director owned 262,136 shares of the company's stock, valued at approximately $26,418,066.08. The trade was a 7.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Rick Rickertsen sold 17,491 shares of Hut 8 stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $110.00, for a total transaction of $1,924,010.00. Following the completion of the sale, the director directly owned 17,491 shares in the company, valued at approximately $1,924,010. This represents a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 64,505 shares of company stock valued at $6,479,788. Company insiders own 10.40% of the company's stock.

Hut 8 Company 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.

Want to see what other hedge funds are holding HUT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Hut 8 Corp. (NASDAQ:HUT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.