Trexquant Investment LP Sells 85,930 Shares of Hut 8 Corp. $HUT

Key Points

• Trexquant Investment LP reduced its stake in Hut 8 Corp. by 25.9%, now holding 245,343 shares valued at approximately $2.85 million.
• Equities research analysts have given Hut 8 an average price target of $26.94 and notable ratings include four "Strong Buy" and fifteen "Buy" recommendations.
• Insider transactions at Hut 8 included CFO Sean Joseph Glennan selling 6,060 shares, representing a 49.05% decrease in his ownership, highlighting potential internal sentiment shifts.

Trexquant Investment LP trimmed its stake in Hut 8 Corp. (NASDAQ:HUT - Free Report) by 25.9% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 245,343 shares of the company's stock after selling 85,930 shares during the quarter. Trexquant Investment LP owned approximately 0.24% of Hut 8 worth $2,851,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in HUT. Price T Rowe Associates Inc. MD grew its position in Hut 8 by 66.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 44,038 shares of the company's stock worth $903,000 after purchasing an additional 17,531 shares in the last quarter. Northern Trust Corp grew its position in Hut 8 by 4.1% during the 4th quarter. Northern Trust Corp now owns 717,575 shares of the company's stock worth $14,703,000 after purchasing an additional 28,462 shares in the last quarter. Ameriprise Financial Inc. purchased a new position in Hut 8 during the 4th quarter worth approximately $3,065,000. Bank of America Corp DE grew its position in Hut 8 by 16.8% during the 4th quarter. Bank of America Corp DE now owns 146,500 shares of the company's stock worth $3,002,000 after purchasing an additional 21,058 shares in the last quarter. Finally, Balyasny Asset Management L.P. grew its position in Hut 8 by 354.1% during the 4th quarter. Balyasny Asset Management L.P. now owns 63,317 shares of the company's stock worth $1,297,000 after purchasing an additional 49,374 shares in the last quarter. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related 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 sale, the director directly owned 9,791 shares in the company, valued at approximately $259,951.05. This represents a 46.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Sean Joseph Glennan sold 6,060 shares of the company's stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $22.09, for a total transaction of $133,865.40. Following the sale, the chief financial officer owned 6,295 shares of the company's stock, valued at $139,056.55. This trade represents a 49.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 27,129 shares of company stock valued at $574,044 over the last quarter. 11.20% of the stock is currently owned by corporate insiders.

Hut 8 Price Performance

NASDAQ:HUT traded down $0.23 during trading hours on Friday, reaching $25.38. The company's stock had a trading volume of 5,252,855 shares, compared to its average volume of 5,482,287. Hut 8 Corp. has a one year low of $8.73 and a one year high of $31.95. The business's 50-day moving average is $22.29 and its 200-day moving average is $17.17. The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 0.19.

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

Analyst Ratings Changes

Several equities analysts have weighed in on HUT shares. Citizens Jmp upgraded shares of Hut 8 to a "strong-buy" rating and set a $25.00 price objective on the stock in a research report on Thursday, May 22nd. Needham & Company LLC reiterated a "buy" rating and set a $21.00 price objective on shares of Hut 8 in a report on Friday, May 9th. JMP Securities began coverage on Hut 8 in a research report on Thursday, May 22nd. They set a "market outperform" rating and a $25.00 price objective for the company. Northland Securities set a $26.00 price objective on Hut 8 in a research report on Friday, July 11th. Finally, Canaccord Genuity Group lifted their price objective on Hut 8 from $32.00 to $36.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Four equities research analysts have rated the stock with a Strong Buy rating and fifteen have assigned a Buy rating to the company's stock. According to data from MarketBeat, Hut 8 currently has an average rating of "Buy" and an average price target of $26.94.

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.