SG Americas Securities LLC Grows Position in Hut 8 Corp. $HUT

Key Points

• SG Americas Securities LLC boosted its Hut 8 position by 1,956.4% in the first quarter, ending with 240,348 shares valued at about $11.3 million.
• Hut 8 reported a quarterly loss of $1.98 per share, worse than analyst expectations, though revenue of $139.31 million came in above estimates.
• Despite the mixed earnings picture, analysts remain upbeat: several firms raised price targets, and the stock has a Moderate Buy consensus with a target price of $115.79.

SG Americas Securities LLC increased its holdings in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) by 1,956.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 240,348 shares of the company's stock after purchasing an additional 228,660 shares during the quarter. SG Americas Securities LLC owned 0.22% of Hut 8 worth $11,275,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. raised its stake 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 valued at $186,629,000 after acquiring an additional 4,062,367 shares during the period. SRS Investment Management LLC purchased a new position in shares of Hut 8 during the 4th quarter worth approximately $131,838,000. Sachem Head Capital Management LP acquired a new stake in Hut 8 in the 4th quarter valued at approximately $129,780,000. Ameriprise Financial Inc. increased its holdings in Hut 8 by 1,043.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,486,814 shares of the company's stock valued at $46,255,000 after purchasing an additional 2,269,237 shares during the last quarter. Finally, Oasis Management Co Ltd. raised its position in Hut 8 by 231.5% in the fourth quarter. Oasis Management Co Ltd. now owns 2,307,683 shares of the company's stock valued at $106,015,000 after purchasing an additional 1,611,653 shares during the period. Institutional investors and hedge funds own 31.75% of the company's stock.

Hut 8 Stock Up 4.5%

HUT stock opened at $123.02 on Friday. The company's 50 day moving average price is $105.01 and its 200 day moving average price is $71.15. The firm has a market capitalization of $13.85 billion, a price-to-earnings ratio of -41.01 and a beta of 4.61. Hut 8 Corp. has a fifty-two week low of $17.42 and a fifty-two week high of $140.80. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.86 and a current ratio of 0.86.

Hut 8 (NASDAQ:HUT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($1.98) EPS for the quarter, missing the consensus estimate of ($0.33) by ($1.65). Hut 8 had a negative return on equity of 0.35% and a negative net margin of 109.77%.The firm had revenue of $139.31 million for the quarter, compared to analyst estimates of $78.53 million. On average, equities research analysts anticipate that Hut 8 Corp. will post -1.29 EPS for the current fiscal year.

Insider Activity

In other news, Director Amy Marie Wilkinson sold 20,000 shares of Hut 8 stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $100.78, for a total transaction of $2,015,600.00. Following the completion of the sale, the director directly 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 value of $1,250,000.00. Following the completion of the transaction, the insider directly owned 31,378 shares in the company, valued at $3,922,250. This trade represents a 24.17% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 112,724 shares of company stock valued at $12,184,340 in the last 90 days. Company insiders own 10.40% of the company's stock.

Analyst Ratings Changes

HUT has been the topic of a number of research reports. Needham & Company LLC upped their price target on Hut 8 from $88.00 to $128.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. Piper Sandler raised their target price on Hut 8 from $93.00 to $127.00 and gave the company an "overweight" rating in a report on Wednesday, May 6th. Citizens Jmp boosted their price target on shares of Hut 8 from $100.00 to $140.00 and gave the stock a "market outperform" rating in a research note on Thursday, May 7th. Compass Point set a $130.00 price objective on shares of Hut 8 in a research note on Wednesday, May 13th. Finally, Jefferies Financial Group began coverage on shares of Hut 8 in a report on Thursday, May 14th. They issued a "buy" rating and a $156.00 price objective for the company. Seventeen investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $115.79.

About Hut 8

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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