Two Seas Capital LP Sells 345,000 Shares of Hut 8 Corp. $HUT

Key Points

• Two Seas Capital LP significantly reduced its stake in Hut 8 Corp. by 72.4%, owning 131,808 shares worth approximately $1.53 million after selling 345,000 shares during the first quarter.
• Several hedge funds, including Vanguard Group Inc. and Massachusetts Financial Services Co., increased their holdings in Hut 8, with Vanguard growing its position by 1.4% to own over 6.5 million shares valued at $76.07 million.
• Hut 8 received positive analyst ratings, with a consensus target price of $26.94 and several analysts upgrading their ratings to "strong-buy" and "buy".

Two Seas Capital LP decreased its position in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) by 72.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 131,808 shares of the company's stock after selling 345,000 shares during the quarter. Hut 8 accounts for approximately 0.0% of Two Seas Capital LP's investment portfolio, making the stock its 20th largest position. Two Seas Capital LP owned 0.13% of Hut 8 worth $1,532,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

HUT has been the subject of several research analyst reports. Northland Securities set a $26.00 target price on Hut 8 in a research note on Friday, July 11th. JMP Securities initiated coverage on Hut 8 in a research note on Thursday, May 22nd. They set a "market outperform" rating and a $25.00 target price for the company. Citizens Jmp raised Hut 8 to a "strong-buy" rating and set a $25.00 target price for the company in a research note on Thursday, May 22nd. Roth Capital started coverage on Hut 8 in a research note on Friday, June 6th. They set a "buy" rating and a $25.00 target price for the company. Finally, Canaccord Genuity Group upped their price objective on Hut 8 from $32.00 to $36.00 and gave the company a "buy" rating in a research note on Wednesday, August 20th. Four research analysts have rated the stock with a Strong Buy rating and fifteen have issued a Buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $27.82.

Hut 8 Stock Up 0.6%

Shares of Hut 8 stock traded up $0.20 on Friday, hitting $32.16. The stock had a trading volume of 2,355,018 shares, compared to its average volume of 5,656,024. The stock has a 50 day moving average of $23.04 and a 200 day moving average of $17.49. Hut 8 Corp. has a twelve month low of $10.04 and a twelve month high of $32.83. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.81 and a current ratio of 1.81.

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

Insider Buying and Selling

In other Hut 8 news, Director Joseph Flinn sold 8,500 shares of the stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $26.55, for a total transaction of $225,675.00. Following the completion of the sale, the director owned 9,791 shares of the company's stock, valued at approximately $259,951.05. This represents a 46.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Sean Joseph Glennan sold 6,060 shares of the 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 sale, the chief financial officer directly 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 have sold a total of 27,129 shares of company stock valued at $574,044 in the last three months. 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.