RR Advisors LLC Invests $518,000 in Hut 8 Corp. $HUT

Key Points

• RR Advisors LLC acquired 45,000 shares of Hut 8 Corp., valued at approximately $518,000, making up about 0.1% of its investment portfolio.
• Hut 8's stock has increased by 6.4%, with a 12-month low of $8.73 and a high of $31.95, and the company reported revenues of $41.72 million for the latest quarter.
• Analysts are bullish on Hut 8, with an average rating of "Buy" and a price target of $26.71, following multiple upgrades and buy ratings from several firms.

RR Advisors LLC purchased a new stake in Hut 8 Corp. (NASDAQ:HUT - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 45,000 shares of the company's stock, valued at approximately $518,000. Hut 8 accounts for approximately 0.1% of RR Advisors LLC's portfolio, making the stock its 28th biggest position.

Other large investors also recently bought and sold shares of the company. Nuveen LLC acquired a new position in shares of Hut 8 during the 1st quarter worth approximately $2,508,000. Invesco Ltd. raised its stake in shares of Hut 8 by 0.7% during the 1st quarter. Invesco Ltd. now owns 943,546 shares of the company's stock worth $10,964,000 after buying an additional 6,896 shares during the period. Swiss National Bank raised its stake in shares of Hut 8 by 1.4% during the 1st quarter. Swiss National Bank now owns 163,440 shares of the company's stock worth $1,899,000 after buying an additional 2,200 shares during the period. Deutsche Bank AG raised its stake in shares of Hut 8 by 18.4% during the 1st quarter. Deutsche Bank AG now owns 84,536 shares of the company's stock worth $982,000 after buying an additional 13,161 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Hut 8 by 2.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,039,169 shares of the company's stock worth $12,075,000 after buying an additional 27,477 shares during the period. 31.75% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Joseph Flinn sold 11,069 shares of Hut 8 stock in a transaction on Monday, June 23rd. The shares were 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 of the company's stock, valued at $312,104.07. This trade represents a 35.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 11.20% of the stock is owned by corporate insiders.

Hut 8 Stock Performance

Hut 8 stock traded up $1.10 during trading hours on Monday, hitting $24.42. The company had a trading volume of 5,939,409 shares, compared to its average volume of 4,566,742. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 0.19. Hut 8 Corp. has a one year low of $8.73 and a one year high of $31.95. The firm has a 50-day moving average of $20.19 and a 200 day moving average of $16.71.

Hut 8 (NASDAQ:HUT - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.01. The company had revenue of $41.72 million for the quarter, compared to analysts' expectations of $49.10 million. Hut 8 had a net margin of 112.81% and a return on equity of 8.73%. As a group, equities research analysts anticipate that Hut 8 Corp. will post -0.53 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on HUT shares. Citigroup initiated coverage on Hut 8 in a report on Thursday, May 22nd. They issued an "outperform" rating for the company. Canaccord Genuity Group restated a "buy" rating and set a $32.00 target price on shares of Hut 8 in a report on Monday, May 12th. Maxim Group raised their target price on Hut 8 from $23.00 to $30.00 and gave the company a "buy" rating in a report on Monday, August 11th. Roth Capital began coverage on Hut 8 in a research report on Friday, June 6th. They issued a "buy" rating and a $25.00 price target on the stock. Finally, B. Riley began coverage on Hut 8 in a research report on Wednesday, May 14th. They issued a "buy" rating and a $25.00 price target on the stock. Fifteen analysts have rated the stock with a buy rating and four have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $26.71.

About Hut 8

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.