Triton Wealth Management PLLC Buys Shares of 19,481 Hut 8 Corp. $HUT

Key Points

• Triton Wealth Management PLLC acquired 19,481 shares of Hut 8 Corp., valued at approximately $362,000, during the second quarter, according to their SEC filing.
• Hut 8's stock recently saw an increase of 1.7%, opening at $49.94, while its 1-year performance ranged from a low of $10.04 to a high of $52.40.
• Analysts have varying price targets for Hut 8, with Maxim Group raising theirs from $23.00 to $30.00 while Roth Capital set a price objective as high as $60.00.

Triton Wealth Management PLLC purchased a new position in Hut 8 Corp. (NASDAQ:HUT - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 19,481 shares of the company's stock, valued at approximately $362,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Victory Capital Management Inc. raised its stake in Hut 8 by 7.9% during the first quarter. Victory Capital Management Inc. now owns 11,127 shares of the company's stock valued at $129,000 after buying an additional 819 shares during the last quarter. Swiss National Bank increased its holdings in shares of Hut 8 by 1.4% during the first quarter. Swiss National Bank now owns 163,440 shares of the company's stock valued at $1,899,000 after acquiring an additional 2,200 shares in the last quarter. State of Wyoming bought a new position in shares of Hut 8 during the first quarter valued at $32,000. US Bancorp DE raised its position in shares of Hut 8 by 3,961.7% in the 1st quarter. US Bancorp DE now owns 3,290 shares of the company's stock worth $38,000 after purchasing an additional 3,209 shares during the last quarter. Finally, SBI Securities Co. Ltd. boosted its stake in Hut 8 by 51.7% in the 1st quarter. SBI Securities Co. Ltd. now owns 9,468 shares of the company's stock worth $110,000 after purchasing an additional 3,228 shares in the last quarter. Hedge funds and other institutional investors own 31.75% of the company's stock.

Hut 8 Stock Up 1.7%

Shares of HUT opened at $49.94 on Wednesday. The firm has a fifty day simple moving average of $31.18 and a two-hundred day simple moving average of $21.62. 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 Corp. has a 1-year low of $10.04 and a 1-year high of $52.40.

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

Analyst Upgrades and Downgrades

HUT has been the subject of a number of analyst reports. Maxim Group raised their price objective on shares of Hut 8 from $23.00 to $30.00 and gave the company a "buy" rating in a research note on Monday, August 11th. Rosenblatt Securities cut their price target on shares of Hut 8 from $24.00 to $23.00 and set a "buy" rating on the stock in a report on Monday, August 11th. Roth Capital restated a "buy" rating and issued a $60.00 price objective (up from $31.00) on shares of Hut 8 in a report on Monday, September 15th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Hut 8 in a research report on Wednesday, October 8th. Finally, BTIG Research lifted their target price on Hut 8 from $33.00 to $55.00 and gave the stock a "buy" rating in a report on Tuesday. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $31.18.

Insider Transactions at Hut 8

In other Hut 8 news, CFO Sean Joseph Glennan sold 6,060 shares of the company's stock in a transaction that occurred 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 sale, the chief financial officer directly owned 6,295 shares of the company's stock, valued at approximately $139,056.55. This represents a 49.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joseph Flinn sold 8,500 shares of the stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $26.55, for a total transaction of $225,675.00. Following the completion of the transaction, the director owned 9,791 shares in the company, valued at $259,951.05. The trade was a 46.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,060 shares of company stock valued at $399,485. Corporate insiders own 11.20% of the company's stock.

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.

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