Perigon Wealth Management LLC Takes Position in Hut 8 Corp. $HUT

Key Points

• Perigon Wealth Management acquired 45,212 Hut 8 shares worth approximately $5.22 million in the second quarter. Institutional investors collectively own 31.75% of the company.
• Hut 8 reported weaker-than-expected quarterly results, with an adjusted loss of $1.27 per share and revenue of $72.66 million versus analysts’ estimates of $79.37 million. Analysts nevertheless maintain a consensus “Buy” rating and an average price target of $144.89.
• Hut 8 shares opened at $88.04, with significant volatility reflected in a 52-week range of $20.69 to $140.80. Insiders sold 68,219 shares worth about $7.72 million during the last quarter.

Perigon Wealth Management LLC bought a new position in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 45,212 shares of the company's stock, valued at approximately $5,220,000.

A number of other institutional investors and hedge funds have also bought and sold shares of HUT. Arlington Trust Co LLC boosted its holdings in shares of Hut 8 by 175.0% during the second quarter. Arlington Trust Co LLC now owns 275 shares of the company's stock worth $32,000 after acquiring an additional 175 shares during the period. Imprint Wealth LLC acquired a new position in Hut 8 in the 4th quarter valued at $38,000. Russell Investments Group Ltd. increased its position in Hut 8 by 235.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company's stock worth $46,000 after buying an additional 1,719 shares during the period. Harbor Investment Advisory LLC bought a new position in Hut 8 during the 1st quarter worth $47,000. Finally, Activest Wealth Management acquired a new stake in shares of Hut 8 during the fourth quarter worth $49,000. Institutional investors and hedge funds own 31.75% of the company's stock.

Hut 8 Trading Up 3.0%

NASDAQ:HUT opened at $88.04 on Tuesday. Hut 8 Corp. has a 52 week low of $20.69 and a 52 week high of $140.80. The company has a debt-to-equity ratio of 4.22, a quick ratio of 19.35 and a current ratio of 19.35. The firm's fifty day moving average is $105.15 and its 200-day moving average is $83.52. The firm has a market cap of $10.85 billion, a P/E ratio of -16.15 and a beta of 4.64.

Hut 8 (NASDAQ:HUT - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.72). Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. The firm had revenue of $72.66 million during the quarter, compared to analyst estimates of $79.37 million. During the same quarter in the previous year, the firm earned $1.18 EPS. Equities analysts expect that Hut 8 Corp. will post -2.85 earnings per share for the current year.

Insider Transactions at Hut 8

In related news, insider Victor Semah sold 10,000 shares of the stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $125.00, for a total transaction of $1,250,000.00. Following the transaction, the insider directly owned 31,378 shares of the company's stock, valued at $3,922,250. This represents a 24.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joseph Flinn sold 7,719 shares of Hut 8 stock in a transaction on Friday, June 12th. The shares were sold at an average price of $117.91, for a total transaction of $910,147.29. Following the completion of the sale, the director directly owned 10,519 shares of the company's stock, valued at approximately $1,240,295.29. This trade represents a 42.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 68,219 shares of company stock valued at $7,720,152 in the last quarter. 10.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Rosenblatt Securities reissued a "buy" rating and issued a $124.00 target price on shares of Hut 8 in a research report on Wednesday, August 5th. Citigroup reaffirmed an "outperform" rating on shares of Hut 8 in a report on Tuesday, April 28th. Morgan Stanley initiated coverage on Hut 8 in a research report on Thursday, July 23rd. They set an "overweight" rating and a $263.00 price objective for the company. BTIG Research lifted their target price on Hut 8 from $115.00 to $150.00 and gave the company a "buy" rating in a research report on Wednesday, June 24th. Finally, Needham & Company LLC dropped their target price on shares of Hut 8 from $145.00 to $138.00 and set a "buy" rating for the company in a report on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $144.89.

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.

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