Tobam Takes Position in Hut 8 Corp. (NASDAQ:HUT)

Tobam bought a new position in Hut 8 Corp. (NASDAQ:HUT - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 23,463 shares of the company's stock, valued at approximately $273,000.

A number of other hedge funds have also bought and sold shares of HUT. Rhumbline Advisers raised its position in Hut 8 by 2.3% in the 4th quarter. Rhumbline Advisers now owns 128,351 shares of the company's stock worth $2,630,000 after buying an additional 2,944 shares during the last quarter. Principal Securities Inc. purchased a new stake in shares of Hut 8 during the 4th quarter valued at about $45,000. New York State Common Retirement Fund increased its position in shares of Hut 8 by 5.6% during the 4th quarter. New York State Common Retirement Fund now owns 27,140 shares of the company's stock valued at $556,000 after purchasing an additional 1,440 shares during the last quarter. Global Retirement Partners LLC increased its position in shares of Hut 8 by 80.3% during the 4th quarter. Global Retirement Partners LLC now owns 9,428 shares of the company's stock valued at $193,000 after purchasing an additional 4,200 shares during the last quarter. Finally, Sigma Planning Corp purchased a new stake in shares of Hut 8 during the 4th quarter valued at about $451,000. Hedge funds and other institutional investors own 31.75% of the company's stock.

Hut 8 Stock Up 5.6%

HUT stock traded up $0.98 during midday trading on Monday, hitting $18.46. The company's stock had a trading volume of 4,462,355 shares, compared to its average volume of 5,896,418. Hut 8 Corp. has a 12 month low of $8.73 and a 12 month high of $31.95. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. The company has a 50 day moving average of $14.73 and a two-hundred day moving average of $18.04.

Hut 8 (NASDAQ:HUT - Get Free Report) last posted its quarterly earnings results 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 business had revenue of $20.88 million during the quarter, compared to analyst estimates of $33.68 million. Equities research analysts predict that Hut 8 Corp. will post -0.53 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on HUT shares. Citizens Jmp raised shares of Hut 8 to a "strong-buy" rating and set a $25.00 price target for the company in a research report on Thursday, May 22nd. Canaccord Genuity Group reaffirmed a "buy" rating and set a $32.00 price target on shares of Hut 8 in a research report on Monday, May 12th. Roth Capital started coverage on shares of Hut 8 in a research report on Friday, June 6th. They set a "buy" rating and a $25.00 price target for the company. Northland Securities started coverage on shares of Hut 8 in a research report on Monday, April 21st. They set an "outperform" rating and a $20.00 price target for the company. Finally, Maxim Group started coverage on shares of Hut 8 in a research report on Thursday, May 1st. They set a "buy" rating and a $20.00 price target for the company. Fifteen research analysts have rated the stock with a buy rating and four have issued a strong buy rating to the company's stock. According to MarketBeat.com, Hut 8 currently has an average rating of "Buy" and a consensus price target of $25.76.

Insiders Place Their Bets

In other news, insider Victor Semah sold 11,363 shares of the stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $12.95, for a total transaction of $147,150.85. Following the completion of the transaction, the insider now directly owns 15,738 shares in the company, valued at approximately $203,807.10. This represents a 41.93% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 11.20% of the stock is currently owned by corporate insiders.

About Hut 8

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.