Strong Retirement Solutions LLC Makes New Investment in Hut 8 Corp. $HUT

Key Points

• Strong Retirement Solutions LLC acquired 27,605 Hut 8 shares worth approximately $2.38 million, while other institutional investors also increased or initiated positions. Institutions and hedge funds now own 31.75% of HUT.
• Hut 8 shares traded at $88.78, down $3.44, and have fluctuated between $31.67 and $140.80 over the past year. The company recently missed quarterly earnings and revenue estimates, reporting a loss of $1.27 per share.
• Analyst sentiment remains broadly positive, with a consensus “Buy” rating and an average price target of $143.95, although insiders have recently sold shares and the stock carries significant volatility with a beta of 4.62.

Strong Retirement Solutions LLC acquired a new position in Hut 8 Corp. (NASDAQ:HUT - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 27,605 shares of the company's stock, valued at approximately $2,377,000. Hut 8 makes up approximately 1.3% of Strong Retirement Solutions LLC's portfolio, making the stock its 24th largest position.

A number of other hedge funds and other institutional investors also recently made changes to their positions in HUT. Two Seas Capital LP grew its position in Hut 8 by 120.1% in the 3rd quarter. Two Seas Capital LP now owns 347,942 shares of the company's stock valued at $29,958,000 after purchasing an additional 189,860 shares during the period. Van Hulzen Asset Management LLC bought a new stake in Hut 8 in the 2nd quarter worth about $225,000. WINTON GROUP Ltd bought a new stake in Hut 8 in the 2nd quarter worth about $8,162,000. Engineers Gate Manager LP purchased a new stake in Hut 8 in the 2nd quarter valued at about $275,000. Finally, Steamboat Capital Partners LLC purchased a new position in shares of Hut 8 in the 2nd quarter worth approximately $7,298,000. 31.75% of the stock is owned by institutional investors and hedge funds.

Hut 8 Price Performance

Shares of HUT traded down $3.44 during midday trading on Wednesday, hitting $88.78. 3,492,127 shares of the company traded hands, compared to its average volume of 4,783,151. The stock has a 50-day moving average of $91.09 and a 200-day moving average of $92.87. The company has a debt-to-equity ratio of 4.22, a current ratio of 19.35 and a quick ratio of 19.35. The firm has a market cap of $10.94 billion, a P/E ratio of -16.29 and a beta of 4.62. Hut 8 Corp. has a one year low of $31.67 and a one year high of $140.80.

Hut 8 (NASDAQ:HUT - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($1.27) EPS for the quarter, missing the consensus estimate of ($0.55) by ($0.72). The business had revenue of $74.93 million for the quarter, compared to analysts' expectations of $79.37 million. Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%.During the same period in the previous year, the firm posted $1.18 EPS. As a group, sell-side analysts predict that Hut 8 Corp. will post -2.98 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Mayo A. Shattuck III sold 20,000 shares of the firm's stock in a transaction on Thursday, September 24th. The shares were sold at an average price of $100.00, for a total transaction of $2,000,000.00. Following the sale, the director owned 89,408 shares in the company, valued at approximately $8,940,800. This trade represents a 18.28% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Sean Glennan sold 6,445 shares of Hut 8 stock in a transaction on Monday, August 24th. The stock was sold at an average price of $78.76, for a total transaction of $507,608.20. Following the sale, the chief financial officer directly owned 17,978 shares of the company's stock, valued at $1,415,947.28. This represents a 26.39% 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. 10.40% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on HUT shares. UBS Group initiated coverage on Hut 8 in a research report on Wednesday, September 23rd. They set a "buy" rating and a $143.00 price target for the company. Freedom Broker upgraded Hut 8 to a "strong-buy" rating in a research note on Tuesday, August 18th. Wall Street Zen lowered shares of Hut 8 from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 1st. Loop Capital set a $226.00 price objective on shares of Hut 8 in a research report on Monday, June 22nd. Finally, Morgan Stanley began coverage on shares of Hut 8 in a research note on Thursday, July 23rd. They set an "overweight" rating and a $263.00 price target for the company. Three equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Hut 8 has a consensus rating of "Buy" and a consensus target price of $143.95.

Hut 8 Profile

Hut 8 Corp. NASDAQ: HUT is a North American energy infrastructure and digital asset mining company. Its operations include cryptocurrency mining, with a primary focus on Bitcoin, as well as the development and management of data center infrastructure supported by its energy resources.

The company owns and operates mining and data center facilities in the United States and Canada. In addition to self-mining digital assets, Hut 8 has pursued opportunities in high-performance computing and artificial intelligence infrastructure, using its power capacity, data center sites and related development capabilities to support evolving computing demand.

Hut 8 was originally established as Hut 8 Mining Corp., a Canadian cryptocurrency mining company.

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