Total Wealth Planning & Management Inc. Acquires New Stake in Hut 8 Corp. $HUT

Key Points

• Total Wealth Planning & Management Inc. has acquired a new stake in Hut 8 Corp., purchasing 17,590 shares valued at approximately $327,000 during the second quarter.
• Hut 8 reported an earnings per share (EPS) of ($0.14), slightly outperforming analysts' expectations of ($0.15), with a revenue of $41.72 million for the quarter.
• Analysts maintain a positive outlook for Hut 8, with a consensus rating of "Buy" and a target price of $29.88, reflecting growing investor interest.

Total Wealth Planning & Management Inc. acquired a new stake in Hut 8 Corp. (NASDAQ:HUT - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 17,590 shares of the company's stock, valued at approximately $327,000.

Several other institutional investors and hedge funds have also recently modified their holdings of HUT. Massachusetts Financial Services Co. MA raised its holdings in shares of Hut 8 by 181.2% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,287,163 shares of the company's stock valued at $14,957,000 after buying an additional 829,484 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Hut 8 by 74.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,104,612 shares of the company's stock worth $12,835,000 after acquiring an additional 471,355 shares during the period. Yaupon Capital Management LP purchased a new stake in shares of Hut 8 during the first quarter worth $3,196,000. Edgestream Partners L.P. purchased a new stake in shares of Hut 8 during the first quarter worth $3,042,000. Finally, Nuveen LLC purchased a new stake in shares of Hut 8 during the first quarter worth $2,508,000. Hedge funds and other institutional investors own 31.75% of the company's stock.

Hut 8 Trading Up 3.9%

Shares of HUT stock opened at $46.36 on Friday. The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 0.19. The firm has a fifty day moving average price of $29.55 and a 200 day moving average price of $20.83. Hut 8 Corp. has a 12 month low of $10.04 and a 12 month high of $46.59.

Hut 8 (NASDAQ:HUT - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.14) EPS for the quarter, topping analysts' consensus estimates of ($0.15) by $0.01. Hut 8 had a net margin of 112.81% and a return on equity of 8.73%. The firm had revenue of $41.72 million during the quarter, compared to the consensus estimate of $49.10 million. As a group, sell-side analysts expect that Hut 8 Corp. will post -0.53 earnings per share for the current year.

Insider Buying and Selling at Hut 8

In other Hut 8 news, Director Joseph Flinn sold 8,500 shares of the company's stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $26.55, for a total value of $225,675.00. Following the completion of the transaction, the director owned 9,791 shares in the company, valued at $259,951.05. This represents a 46.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Sean Joseph Glennan sold 6,060 shares of the company's stock in a transaction on Monday, August 25th. The shares were sold at an average price of $22.09, for a total transaction of $133,865.40. Following the completion of the transaction, the chief financial officer owned 6,295 shares of the company's stock, valued at $139,056.55. This represents a 49.05% decrease in their position. The disclosure for this sale can be found here. Insiders sold 16,060 shares of company stock valued at $399,485 in the last 90 days. 11.20% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Roth Capital reaffirmed a "buy" rating and set a $60.00 price objective (up previously from $31.00) on shares of Hut 8 in a research report on Monday, September 15th. Northland Securities set a $26.00 price objective on Hut 8 in a research report on Friday, July 11th. BTIG Research upped their price objective on Hut 8 from $25.00 to $33.00 and gave the stock a "buy" rating in a research report on Tuesday, September 9th. Rosenblatt Securities cut their price objective on Hut 8 from $24.00 to $23.00 and set a "buy" rating on the stock in a research report on Monday, August 11th. Finally, Weiss Ratings reiterated a "hold (c-)" rating on shares of Hut 8 in a research note on Wednesday. Three research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $29.88.

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.

Want to see what other hedge funds are holding HUT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Hut 8 Corp. (NASDAQ:HUT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.