Paloma Partners Management Co Takes Position in Hut 8 Corp. $HUT

Key Points

• Paloma Partners Management Co invested approximately $2.36 million in Hut 8 Corp., acquiring 203,350 shares in the first quarter.
• Hut 8 Corp. reported earnings per share of ($0.14), surpassing expectations, with revenue of $41.72 million for the last quarter, which was below analyst estimates.
• Analysts have high expectations for Hut 8, with several agencies upgrading their ratings and prices for the stock, positioning it as a "buy."

Paloma Partners Management Co purchased a new stake in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 203,350 shares of the company's stock, valued at approximately $2,363,000. Paloma Partners Management Co owned approximately 0.20% of Hut 8 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of HUT. NewEdge Advisors LLC lifted its stake in shares of Hut 8 by 1,568.0% during the 4th 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. Stifel Financial Corp purchased a new stake in Hut 8 in the 4th quarter worth approximately $2,967,000. Price T Rowe Associates Inc. MD lifted its stake in Hut 8 by 66.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 44,038 shares of the company's stock worth $903,000 after purchasing an additional 17,531 shares in the last quarter. Northern Trust Corp lifted its stake in Hut 8 by 4.1% in the 4th quarter. Northern Trust Corp now owns 717,575 shares of the company's stock worth $14,703,000 after purchasing an additional 28,462 shares in the last quarter. Finally, Ameriprise Financial Inc. purchased a new stake in Hut 8 in the 4th quarter worth approximately $3,065,000. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

Hut 8 Price Performance

NASDAQ:HUT traded down $0.23 during mid-day trading on Friday, hitting $25.38. 5,252,855 shares of the company's stock were exchanged, compared to its average volume of 5,482,287. Hut 8 Corp. has a one year low of $8.73 and a one year high of $31.95. The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 0.19. The business has a fifty day moving average price of $22.29 and a 200 day moving average price of $17.19.

Hut 8 (NASDAQ:HUT - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.01. The firm had revenue of $41.72 million for the quarter, compared to the consensus estimate 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 fiscal year.

Insider Activity at Hut 8

In other news, CFO Sean Joseph Glennan sold 6,060 shares of the company's stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $22.09, for a total value of $133,865.40. Following the transaction, the chief financial officer owned 6,295 shares in the company, valued at approximately $139,056.55. This represents a 49.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Joseph Flinn sold 11,069 shares of the company's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $15.77, for a total transaction of $174,558.13. Following the completion of 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 disclosure for this sale can be found here. In the last quarter, insiders sold 27,129 shares of company stock worth $574,044. Insiders own 11.20% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on HUT. Needham & Company LLC restated a "buy" rating and set a $21.00 price objective on shares of Hut 8 in a research report on Friday, May 9th. Rosenblatt Securities decreased their price objective on shares of Hut 8 from $24.00 to $23.00 and set a "buy" rating on the stock in a research report on Monday, August 11th. Maxim Group boosted their price objective on shares of Hut 8 from $23.00 to $30.00 and gave the company a "buy" rating in a research report on Monday, August 11th. Canaccord Genuity Group boosted their price target on shares of Hut 8 from $32.00 to $36.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Finally, JMP Securities assumed coverage on shares of Hut 8 in a research report on Thursday, May 22nd. They set a "market outperform" rating and a $25.00 price target on the stock. 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 has a consensus rating of "Buy" and an average 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.