Thomist Capital Management LP Takes $2.45 Million Position in Hut 8 Corp. $HUT

Key Points

• Thomist Capital Management opened a $2.45 million position in Hut 8 during the second quarter, purchasing 21,185 shares. Institutional investors collectively own 31.75% of the company.
• Hut 8 reported weaker-than-expected quarterly results, with a loss of $1.27 per share and revenue of $72.66 million versus analysts’ estimates of a $0.55 loss and $79.37 million in revenue.
• Shares opened at $79.56, down 1.6%, while analyst sentiment remains broadly positive: the stock has an average “Buy” rating and a consensus price target of $144.89. Insiders, however, sold 48,219 shares worth roughly $5.7 million over the past three months.

Thomist Capital Management LP purchased a new position in Hut 8 Corp. (NASDAQ:HUT - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 21,185 shares of the company's stock, valued at approximately $2,446,000. Hut 8 accounts for about 0.8% of Thomist Capital Management LP's investment portfolio, making the stock its 29th biggest position.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Arlington Trust Co LLC grew its position in Hut 8 by 175.0% during the second quarter. Arlington Trust Co LLC now owns 275 shares of the company's stock worth $32,000 after buying an additional 175 shares in the last quarter. Imprint Wealth LLC purchased a new stake in shares of Hut 8 in the 4th quarter valued at about $38,000. Russell Investments Group Ltd. raised its holdings in shares of Hut 8 by 235.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company's stock valued at $46,000 after acquiring an additional 1,719 shares in the last quarter. Harbor Investment Advisory LLC bought a new stake in shares of Hut 8 during the 1st quarter valued at about $47,000. Finally, Activest Wealth Management bought a new stake in shares of Hut 8 during the 4th quarter valued at about $49,000. Hedge funds and other institutional investors own 31.75% of the company's stock.

Hut 8 Stock Down 1.6%

Shares of NASDAQ HUT opened at $79.56 on Tuesday. The stock has a market capitalization of $9.81 billion, a P/E ratio of -14.60 and a beta of 4.64. Hut 8 Corp. has a one year low of $21.89 and a one year high of $140.80. The firm's 50 day simple moving average is $101.92 and its two-hundred day simple moving average is $84.32. The company has a debt-to-equity ratio of 4.22, a current ratio of 19.35 and a quick ratio of 19.35.

Hut 8 (NASDAQ:HUT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($1.27) earnings per share for the quarter, missing analysts' consensus estimates of ($0.55) by ($0.72). Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%.The business had revenue of $72.66 million during the quarter, compared to the consensus estimate of $79.37 million. During the same quarter in the previous year, the firm posted $1.18 earnings per share. As a group, analysts expect that Hut 8 Corp. will post -2.85 EPS for the current fiscal year.

Insider Buying and Selling at Hut 8

In other Hut 8 news, Director Joseph Flinn sold 7,719 shares of the business's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $117.91, for a total value of $910,147.29. Following the completion of the sale, the director directly owned 10,519 shares of the company's stock, valued at $1,240,295.29. The trade was a 42.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Victor Semah sold 10,000 shares of the company's stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $125.00, for a total transaction of $1,250,000.00. Following the sale, the insider owned 31,378 shares of the company's stock, valued at approximately $3,922,250. The trade was a 24.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 48,219 shares of company stock valued at $5,704,552 over the last three months. 10.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on HUT shares. Loop Capital set a $226.00 price objective on shares of Hut 8 in a research report on Monday, June 22nd. Citigroup reiterated an "outperform" rating on shares of Hut 8 in a research report on Tuesday, April 28th. Citizens Jmp boosted their price target on shares of Hut 8 from $100.00 to $140.00 and gave the stock a "market outperform" rating in a research note on Thursday, May 7th. Wall Street Zen lowered shares of Hut 8 from a "sell" rating to a "strong sell" rating in a report on Saturday, August 1st. Finally, Freedom Capital upgraded shares of Hut 8 to a "strong-buy" rating in a research report on Tuesday, August 18th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $144.89.

Hut 8 Profile

Hut 8 Corp., trading on the Nasdaq under the symbol HUT, is a North American digital infrastructure company specializing in cryptocurrency mining and high‐performance computing. Founded in 2017 and headquartered in Toronto, Canada, Hut 8 operates purpose‐built data centers that house fleets of specialized ASIC and GPU servers. Through its flagship mining facilities in Alberta and Ontario, the company leverages low‐cost, low‐carbon power sources—such as hydroelectric and natural gas—to support sustainable bitcoin production.

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