Steadview Capital Management LLC Buys 403,355 Shares of Hut 8 Corp. $HUT

Key Points

• Steadview Capital Management boosted its Hut 8 stake by 1,425.3% in the fourth quarter, buying 403,355 additional shares to bring its total to 431,655 shares worth about $19.83 million.
• Hut 8’s stock was trading at $105.90 with a market cap of $11.92 billion, near its 1-year high of $112.26. The company remains highly volatile, with a beta of 4.48 and a negative price-to-earnings ratio.
• For the latest quarter, Hut 8 reported a wider-than-expected loss of $1.98 per share, though revenue came in above estimates at $139.31 million. Analysts remain mostly bullish, with 17 Buy ratings and a consensus price target of $107.72.

Steadview Capital Management LLC increased its stake in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) by 1,425.3% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 431,655 shares of the company's stock after acquiring an additional 403,355 shares during the period. Hut 8 accounts for about 3.7% of Steadview Capital Management LLC's holdings, making the stock its 7th largest position. Steadview Capital Management LLC owned about 0.40% of Hut 8 worth $19,830,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the stock. GAMMA Investing LLC acquired a new stake in Hut 8 in the 4th quarter valued at approximately $30,000. Activest Wealth Management acquired a new stake in Hut 8 in the 4th quarter valued at approximately $49,000. Danske Bank A S acquired a new stake in Hut 8 in the 4th quarter valued at approximately $51,000. CWM LLC grew its holdings in Hut 8 by 37.4% in the 4th quarter. CWM LLC now owns 1,106 shares of the company's stock valued at $51,000 after buying an additional 301 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its holdings in Hut 8 by 1,578.3% in the 4th quarter. Farther Finance Advisors LLC now owns 1,393 shares of the company's stock valued at $64,000 after buying an additional 1,310 shares during the last quarter. Institutional investors and hedge funds own 31.75% of the company's stock.

Hut 8 Price Performance

Shares of NASDAQ:HUT opened at $105.90 on Friday. Hut 8 Corp. has a 1-year low of $14.74 and a 1-year high of $112.26. The firm has a market capitalization of $11.92 billion, a PE ratio of -35.30 and a beta of 4.48. The business's 50 day moving average is $71.87 and its 200-day moving average is $57.44. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.12.

Hut 8 (NASDAQ:HUT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($1.98) earnings per share for the quarter, missing the consensus estimate of ($0.33) by ($1.65). The firm had revenue of $139.31 million for the quarter, compared to analyst estimates of $78.53 million. Hut 8 had a negative return on equity of 0.35% and a negative net margin of 109.77%. Sell-side analysts predict that Hut 8 Corp. will post -1.17 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on HUT shares. HC Wainwright reaffirmed a "buy" rating and issued a $80.00 target price on shares of Hut 8 in a report on Thursday, February 26th. Canaccord Genuity Group raised their target price on Hut 8 from $70.00 to $130.00 and gave the company a "buy" rating in a report on Thursday, May 7th. Roth Mkm reaffirmed a "buy" rating and issued a $80.00 target price on shares of Hut 8 in a report on Tuesday, January 27th. Citigroup reaffirmed an "outperform" rating on shares of Hut 8 in a report on Tuesday, April 28th. Finally, Keefe, Bruyette & Woods raised their target price on Hut 8 from $55.00 to $75.00 and gave the company a "moderate buy" rating in a report on Tuesday, January 27th. Seventeen analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $107.72.

Insider Buying and Selling

In related news, Director Rick Rickertsen sold 17,491 shares of the firm's stock in a transaction that occurred on 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 transaction, the director owned 17,491 shares in the company, valued at $1,924,010. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Victor Semah sold 10,518 shares of the firm's stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $76.83, for a total value of $808,097.94. Following the transaction, the insider owned 41,378 shares of the company's stock, valued at $3,179,071.74. This trade represents a 20.27% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 54,628 shares of company stock worth $4,960,721 in the last 90 days. 10.40% of the stock is owned by company insiders.

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.