Thoroughbred Financial Services LLC Makes New Investment in Hut 8 Corp. $HUT

Key Points

• Thoroughbred Financial Services LLC opened a new position in Hut 8 during the fourth quarter, buying 16,144 shares worth about $741,000.
• Hut 8 reported mixed quarterly results, with revenue of $139.31 million beating expectations but EPS of -$1.98 coming in far below the consensus estimate.
• Analysts remain largely constructive on the stock, with 17 Buy ratings and a consensus price target of $107.72, even as insiders sold shares over the past three months.

Thoroughbred Financial Services LLC acquired a new position in Hut 8 Corp. (NASDAQ:HUT - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 16,144 shares of the company's stock, valued at approximately $741,000.

Several other hedge funds have also added to or reduced their stakes in the stock. Nisa Investment Advisors LLC raised its position in Hut 8 by 1.6% in the fourth quarter. Nisa Investment Advisors LLC now owns 15,969 shares of the company's stock worth $734,000 after acquiring an additional 254 shares during the period. CWM LLC raised its position in Hut 8 by 37.4% in the fourth quarter. CWM LLC now owns 1,106 shares of the company's stock worth $51,000 after acquiring an additional 301 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Hut 8 by 3.5% in the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 9,500 shares of the company's stock worth $331,000 after acquiring an additional 321 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Hut 8 by 1.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,685 shares of the company's stock worth $996,000 after acquiring an additional 362 shares during the period. Finally, Arizona State Retirement System raised its position in Hut 8 by 1.9% in the third quarter. Arizona State Retirement System now owns 29,290 shares of the company's stock worth $1,020,000 after acquiring an additional 542 shares during the period. Institutional investors own 31.75% of the company's stock.

Hut 8 Price Performance

Shares of NASDAQ:HUT opened at $124.83 on Friday. The company has a 50 day moving average of $78.59 and a 200 day moving average of $59.87. The stock has a market cap of $14.05 billion, a P/E ratio of -41.61 and a beta of 4.48. Hut 8 Corp. has a 12 month low of $14.74 and a 12 month high of $126.65. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.12.

Hut 8 (NASDAQ:HUT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($1.98) EPS for the quarter, missing the consensus estimate of ($0.33) by ($1.65). The firm had revenue of $139.31 million for the quarter, compared to analysts' expectations of $78.53 million. Hut 8 had a negative net margin of 109.77% and a negative return on equity of 0.35%. As a group, sell-side analysts forecast that Hut 8 Corp. will post -1.29 EPS for the current fiscal year.

Insider Activity

In related news, insider Victor Semah sold 10,518 shares of the business's stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $76.83, for a total transaction of $808,097.94. Following the completion of the transaction, the insider owned 41,378 shares of the company's stock, valued at approximately $3,179,071.74. The trade was a 20.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Sean Joseph Glennan sold 4,625 shares of the business's stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $49.05, for a total transaction of $226,856.25. Following the transaction, the chief financial officer directly owned 12,068 shares of the company's stock, valued at approximately $591,935.40. This represents a 27.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 74,628 shares of company stock worth $6,976,321 in the last three months. Insiders own 10.40% of the company's stock.

Analyst Ratings Changes

Several brokerages have commented on HUT. BTIG Research lifted their price objective on shares of Hut 8 from $90.00 to $115.00 and gave the stock a "buy" rating in a research report on Wednesday, May 6th. Arete Research began coverage on shares of Hut 8 in a research note on Monday, March 23rd. They issued a "buy" rating and a $136.00 target price for the company. Compass Point set a $130.00 target price on shares of Hut 8 in a research note on Wednesday, May 13th. Cantor Fitzgerald lifted their target price on shares of Hut 8 from $68.00 to $80.00 and gave the stock an "overweight" rating in a research note on Thursday, April 9th. Finally, HC Wainwright reiterated a "buy" rating and issued a $80.00 target price on shares of Hut 8 in a research note on Thursday, February 26th. Seventeen equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $107.72.

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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