Two Sigma Investments LP Makes New Investment in Hut 8 Corp. (NASDAQ:HUT)

Two Sigma Investments LP bought a new position in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 51,500 shares of the company's stock, valued at approximately $1,055,000. Two Sigma Investments LP owned 0.06% of Hut 8 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Summit Investment Advisors Inc. lifted its stake in Hut 8 by 7.9% in the 4th quarter. Summit Investment Advisors Inc. now owns 8,475 shares of the company's stock valued at $174,000 after buying an additional 618 shares in the last quarter. Arizona State Retirement System lifted its position in shares of Hut 8 by 2.8% in the fourth quarter. Arizona State Retirement System now owns 23,764 shares of the company's stock valued at $487,000 after acquiring an additional 637 shares in the last quarter. New York State Common Retirement Fund boosted its stake in shares of Hut 8 by 5.6% during the fourth quarter. New York State Common Retirement Fund now owns 27,140 shares of the company's stock valued at $556,000 after acquiring an additional 1,440 shares during the last quarter. Optiver Holding B.V. acquired a new stake in shares of Hut 8 during the fourth quarter valued at $35,000. Finally, LPL Financial LLC increased its position in Hut 8 by 4.5% during the 4th quarter. LPL Financial LLC now owns 41,019 shares of the company's stock worth $840,000 after purchasing an additional 1,777 shares in the last quarter. 31.75% of the stock is owned by hedge funds and other institutional investors.

Hut 8 Stock Performance

HUT traded down $0.02 during trading hours on Monday, reaching $18.55. 5,850,605 shares of the stock traded hands, compared to its average volume of 5,919,333. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. The firm's fifty day simple moving average is $13.94 and its two-hundred day simple moving average is $18.40. Hut 8 Corp. has a fifty-two week low of $8.73 and a fifty-two week high of $31.95.

Hut 8 (NASDAQ:HUT - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.18) EPS for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.06). The company had revenue of $20.88 million during the quarter, compared to analysts' expectations of $33.68 million. As a group, equities research analysts anticipate that Hut 8 Corp. will post -0.53 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Victor Semah sold 11,363 shares of Hut 8 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 transaction, the insider now directly owns 15,738 shares in the company, valued at approximately $203,807.10. This trade represents a 41.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 11.20% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on HUT. B. Riley initiated coverage on shares of Hut 8 in a report on Wednesday, May 14th. They set a "buy" rating and a $25.00 price target for the company. BTIG Research started coverage on shares of Hut 8 in a research report on Monday, April 14th. They set a "buy" rating and a $18.00 target price on the stock. Needham & Company LLC reissued a "buy" rating and set a $21.00 price target on shares of Hut 8 in a research note on Friday, May 9th. HC Wainwright reiterated a "buy" rating and set a $25.00 target price on shares of Hut 8 in a research report on Friday, May 9th. Finally, Citigroup began coverage on shares of Hut 8 in a research note on Thursday, May 22nd. They set an "outperform" rating for the company. Fifteen investment analysts have rated the stock with a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $25.76.

Hut 8 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.