Teacher Retirement System of Texas Makes New $143,000 Investment in Hut 8 Corp. (NASDAQ:HUT)

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

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Hut 8 by 3.9% during the fourth quarter. Vanguard Group Inc. now owns 6,459,385 shares of the company's stock worth $132,352,000 after acquiring an additional 245,113 shares in the last quarter. Jericho Capital Asset Management L.P. purchased a new position in shares of Hut 8 during the fourth quarter worth approximately $37,400,000. BIT Capital GmbH raised its stake in shares of Hut 8 by 11.5% during the fourth quarter. BIT Capital GmbH now owns 1,818,456 shares of the company's stock worth $37,260,000 after acquiring an additional 187,773 shares in the last quarter. D. E. Shaw & Co. Inc. purchased a new position in shares of Hut 8 during the fourth quarter worth approximately $27,115,000. Finally, Voloridge Investment Management LLC purchased a new position in shares of Hut 8 during the fourth quarter worth approximately $24,170,000. Institutional investors own 31.75% of the company's stock.

Insider Buying and Selling

In related news, Director Joseph Flinn sold 11,069 shares of the business's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $15.77, for a total transaction 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 position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Victor Semah sold 11,363 shares of the business's stock in a transaction that occurred 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 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. Insiders own 11.20% of the company's stock.

Hut 8 Price Performance

Hut 8 stock opened at $21.62 on Monday. The business has a 50-day simple moving average of $18.23 and a two-hundred day simple moving average of $17.14. Hut 8 Corp. has a 52-week low of $8.73 and a 52-week high of $31.95. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.26 and a current ratio of 1.26.

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

Analyst Ratings Changes

Several research analysts have recently issued reports on HUT shares. Northland Capmk upgraded shares of Hut 8 to a "strong-buy" rating in a report on Monday, April 21st. B. Riley initiated coverage on shares of Hut 8 in a report on Wednesday, May 14th. They issued a "buy" rating and a $25.00 price target on the stock. JMP Securities initiated coverage on shares of Hut 8 in a report on Thursday, May 22nd. They issued a "market outperform" rating and a $25.00 price target on the stock. Canaccord Genuity Group reiterated a "buy" rating and issued a $32.00 price target on shares of Hut 8 in a report on Monday, May 12th. Finally, UBS Group set a $33.00 price target on shares of Hut 8 in a report on Wednesday, April 2nd. Fifteen investment analysts have rated the stock with a buy rating and four have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $26.12.

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.

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