Thomist Capital Management LP Invests $502,000 in Hut 8 Corp. (NASDAQ:HUT)

Thomist Capital Management LP bought a new position in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 24,200 shares of the company's stock, valued at approximately $502,000.

A number of other large investors have also recently made changes to their positions in the business. Nisa Investment Advisors LLC lifted its position in shares of Hut 8 by 77.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company's stock valued at $26,000 after purchasing an additional 545 shares in the last quarter. R Squared Ltd purchased a new position in shares of Hut 8 in the 4th quarter worth approximately $26,000. Optiver Holding B.V. bought a new position in shares of Hut 8 in the fourth quarter valued at approximately $35,000. Russell Investments Group Ltd. grew its holdings in shares of Hut 8 by 832.4% in the fourth quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company's stock valued at $42,000 after acquiring an additional 1,823 shares in the last quarter. Finally, Principal Securities Inc. purchased a new stake in shares of Hut 8 during the fourth quarter valued at approximately $45,000. 31.75% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on HUT. Canaccord Genuity Group reissued a "buy" rating and issued a $32.00 price objective on shares of Hut 8 in a research report on Monday, May 12th. B. Riley started coverage on shares of Hut 8 in a research report on Wednesday, May 14th. They set a "buy" rating and a $25.00 target price for the company. Citigroup started coverage on shares of Hut 8 in a report on Thursday. They issued an "outperform" rating on the stock. Citizens Jmp upgraded Hut 8 to a "strong-buy" rating and set a $25.00 price objective on the stock in a research note on Thursday. Finally, Benchmark reduced their price objective on Hut 8 from $41.00 to $33.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. Fifteen research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $25.81.

Hut 8 Stock Performance

Shares of Hut 8 stock traded down $0.65 during trading on Friday, hitting $16.43. The stock had a trading volume of 3,606,749 shares, compared to its average volume of 5,532,319. Hut 8 Corp. has a 12 month low of $8.53 and a 12 month high of $31.95. The business's 50-day moving average is $13.16 and its 200 day moving average is $18.93. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35.

Hut 8 (NASDAQ:HUT - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.06). The company had revenue of $20.88 million for the quarter, compared to the consensus estimate of $33.68 million. On average, sell-side analysts expect that Hut 8 Corp. will post -0.53 EPS for the current year.

Insider Activity

In other Hut 8 news, insider Victor Semah sold 11,363 shares of the company's stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $12.95, for a total value of $147,150.85. Following the completion of the sale, the insider now owns 15,738 shares of the company's stock, valued at $203,807.10. This represents a 41.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 11.20% of the company's stock.

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.