Teacher Retirement System of Texas Acquires New Stake in Hut 8 Corp. (NASDAQ:HUT)

Teacher Retirement System of Texas acquired a new position in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 12,305 shares of the company's stock, valued at approximately $143,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Tobam acquired a new position in Hut 8 in the 1st quarter worth about $273,000. SG Americas Securities LLC increased its stake in shares of Hut 8 by 481.9% in the first quarter. SG Americas Securities LLC now owns 40,615 shares of the company's stock valued at $472,000 after buying an additional 33,635 shares during the period. Neo Ivy Capital Management acquired a new stake in shares of Hut 8 in the fourth quarter valued at about $252,000. Two Seas Capital LP increased its stake in shares of Hut 8 by 132.7% in the fourth quarter. Two Seas Capital LP now owns 476,808 shares of the company's stock valued at $9,770,000 after buying an additional 271,892 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Hut 8 by 25.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 167,469 shares of the company's stock valued at $3,431,000 after buying an additional 33,713 shares during the period. 31.75% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Roth Capital assumed coverage on Hut 8 in a research note on Friday, June 6th. They issued a "buy" rating and a $25.00 price target for the company. B. Riley assumed coverage on Hut 8 in a research note on Wednesday, May 14th. They issued a "buy" rating and a $25.00 price target for the company. Benchmark decreased their price target on Hut 8 from $41.00 to $33.00 and set a "buy" rating for the company in a research note on Wednesday, April 2nd. Citizens Jmp raised Hut 8 to a "strong-buy" rating and set a $25.00 price target for the company in a research note on Thursday, May 22nd. Finally, HC Wainwright reissued a "buy" rating and issued a $25.00 price target on shares of Hut 8 in a research note on Friday, May 9th. Fifteen analysts have rated the stock with a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $26.12.

Insiders Place Their Bets

In other news, Director Joseph Flinn sold 11,069 shares of Hut 8 stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $15.77, for a total value of $174,558.13. Following the completion of the transaction, the director directly owned 19,791 shares in the company, valued at approximately $312,104.07. The trade was a 35.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Victor Semah sold 11,363 shares of Hut 8 stock in a transaction on Monday, May 5th. The shares were sold at an average price of $12.95, for a total value of $147,150.85. Following the completion of the transaction, the insider owned 15,738 shares of the company's stock, valued at approximately $203,807.10. This trade represents a 41.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 11.20% of the company's stock.

Hut 8 Trading Down 2.4%

Shares of HUT stock traded down $0.51 during trading hours on Thursday, reaching $21.14. The company had a trading volume of 3,311,070 shares, compared to its average volume of 6,118,231. Hut 8 Corp. has a 12 month low of $8.73 and a 12 month high of $31.95. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.27. The business has a fifty day simple moving average of $18.66 and a 200-day simple moving average of $17.14.

Hut 8 (NASDAQ:HUT - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.18) EPS for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.06). The business had revenue of $20.88 million for the quarter, compared to analysts' expectations of $33.68 million. Hut 8 had a negative net margin of 39.92% and a positive return on equity of 13.00%. Analysts anticipate that Hut 8 Corp. will post -0.53 EPS for the current fiscal year.

Hut 8 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.