Stratos Wealth Partners LTD. Takes $222,000 Position in Hut 8 Corp. $HUT

Key Points

• Stratos Wealth Partners LTD. has acquired a new position in Hut 8 Corp., purchasing 11,949 shares valued at approximately $222,000 during the 2nd quarter.
• Shares of Hut 8 have risen 17.3%, with notable price targets set by various analysts, including JMP Securities raising theirs from $25.00 to $65.00.
• Hut 8 reported a Q2 net margin of 112.81% despite revenue of $41.72 million falling short of consensus estimates of $49.10 million.

Stratos Wealth Partners LTD. purchased a new position in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 11,949 shares of the company's stock, valued at approximately $222,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Victory Capital Management Inc. lifted its position in Hut 8 by 7.9% during the 1st quarter. Victory Capital Management Inc. now owns 11,127 shares of the company's stock worth $129,000 after acquiring an additional 819 shares in the last quarter. Swiss National Bank lifted its position in 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 acquiring an additional 2,200 shares in the last quarter. State of Wyoming acquired a new position in Hut 8 during the 1st quarter worth approximately $32,000. US Bancorp DE lifted its position in Hut 8 by 3,961.7% during the 1st quarter. US Bancorp DE now owns 3,290 shares of the company's stock worth $38,000 after acquiring an additional 3,209 shares in the last quarter. Finally, SBI Securities Co. Ltd. lifted its position in Hut 8 by 51.7% during the 1st quarter. SBI Securities Co. Ltd. now owns 9,468 shares of the company's stock worth $110,000 after acquiring an additional 3,228 shares in the last quarter. 31.75% of the stock is owned by institutional investors and hedge funds.

Hut 8 Stock Up 17.3%

Shares of NASDAQ HUT opened at $47.66 on Friday. Hut 8 Corp. has a twelve month low of $10.04 and a twelve month high of $57.29. 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 50 day simple moving average of $35.25 and a 200-day simple moving average of $23.56.

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

Wall Street Analysts Forecast Growth

HUT has been the topic of several recent research reports. JMP Securities boosted their price target on Hut 8 from $25.00 to $65.00 and gave the stock a "market outperform" rating in a research report on Tuesday. Maxim Group lifted their price objective on Hut 8 from $23.00 to $30.00 and gave the stock a "buy" rating in a report on Monday, August 11th. Northland Securities set a $26.00 price objective on Hut 8 in a report on Friday, July 11th. Piper Sandler set a $74.00 price objective on Hut 8 and gave the stock an "overweight" rating in a report on Monday, October 20th. Finally, Rosenblatt Securities lifted their price objective on Hut 8 from $30.00 to $65.00 and gave the stock a "buy" rating in a report on Thursday, October 16th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Hut 8 currently has an average rating of "Buy" and a consensus target price of $38.41.

Insider Buying and Selling

In related news, Director Joseph Flinn sold 8,500 shares of the company's stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $26.55, for a total transaction of $225,675.00. Following the completion of the transaction, the director directly owned 9,791 shares in the company, valued at $259,951.05. This represents a 46.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Sean Joseph Glennan sold 6,060 shares of the business's stock in a transaction on Monday, August 25th. The stock was 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 of the company's stock, valued at $139,056.55. This trade represents a 49.05% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 16,060 shares of company stock valued at $399,485 over the last quarter. Company insiders own 11.20% of the company's stock.

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.

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