Two Sigma Advisers LP Makes New $962,000 Investment in Hut 8 Corp. (NASDAQ:HUT)

Two Sigma Advisers LP acquired a new position in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 46,960 shares of the company's stock, valued at approximately $962,000. Two Sigma Advisers LP owned 0.05% of Hut 8 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in HUT. Jericho Capital Asset Management L.P. bought a new position in Hut 8 during the 4th quarter worth $37,400,000. D. E. Shaw & Co. Inc. bought a new position in Hut 8 during the 4th quarter worth $27,115,000. Arrowstreet Capital Limited Partnership bought a new position in Hut 8 during the 4th quarter worth $23,009,000. Invesco Ltd. increased its stake in Hut 8 by 1,408.8% during the 4th quarter. Invesco Ltd. now owns 936,650 shares of the company's stock worth $19,192,000 after acquiring an additional 874,572 shares during the period. Finally, Massachusetts Financial Services Co. MA bought a new position in Hut 8 during the 4th quarter worth $9,378,000. Institutional investors own 31.75% of the company's stock.

Insider Transactions at Hut 8

In related news, insider Victor Semah sold 11,363 shares of the business's stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $12.95, for a total value of $147,150.85. Following the completion of the sale, the insider now directly owns 15,738 shares of the company's stock, valued at $203,807.10. The trade was a 41.93% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 11.20% of the company's stock.

Analysts Set New Price Targets

A number of research firms have commented on HUT. HC Wainwright restated a "buy" rating and set a $25.00 price objective on shares of Hut 8 in a research note on Friday, May 9th. JMP Securities began coverage on Hut 8 in a research note on Thursday, May 22nd. They issued a "market outperform" rating and a $25.00 price target on the stock. Canaccord Genuity Group reiterated a "buy" rating and issued a $32.00 price target on shares of Hut 8 in a research note on Monday, May 12th. UBS Group set a $33.00 price target on Hut 8 in a research note on Wednesday, April 2nd. Finally, Citigroup began coverage on Hut 8 in a research note on Thursday, May 22nd. They issued an "outperform" rating on the stock. Fifteen investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $25.81.

Hut 8 Price Performance

Shares of NASDAQ HUT traded down $0.69 during mid-day trading on Thursday, hitting $16.32. 8,786,150 shares of the stock traded hands, compared to its average volume of 5,890,677. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. Hut 8 Corp. has a twelve month low of $8.73 and a twelve month high of $31.95. The firm has a 50 day simple moving average of $13.84 and a two-hundred day simple moving average of $18.52.

Hut 8 (NASDAQ:HUT - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.18) EPS 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 analysts' expectations of $33.68 million. Research analysts anticipate that Hut 8 Corp. will post -0.53 EPS for the current fiscal year.

Hut 8 Company Profile

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.