Two Sigma Investments LP bought a new stake in Hut 8 Corp. (NASDAQ:HUT - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 51,500 shares of the company's stock, valued at approximately $1,055,000. Two Sigma Investments LP owned about 0.06% of Hut 8 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of HUT. Jericho Capital Asset Management L.P. bought a new position in shares of Hut 8 in the 4th quarter valued at about $37,400,000. D. E. Shaw & Co. Inc. bought a new position in Hut 8 during the 4th quarter worth approximately $27,115,000. Arrowstreet Capital Limited Partnership bought a new position in Hut 8 during the 4th quarter worth approximately $23,009,000. Invesco Ltd. boosted 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 last quarter. Finally, Massachusetts Financial Services Co. MA bought a new position in Hut 8 during the 4th quarter worth approximately $9,378,000. Institutional investors own 31.75% of the company's stock.
Analyst Ratings Changes
Several research firms recently weighed in on HUT. UBS Group set a $33.00 price objective on shares of Hut 8 in a research note on Wednesday, April 2nd. JMP Securities began coverage on shares of Hut 8 in a research note on Thursday, May 22nd. They set a "market outperform" rating and a $25.00 price objective on the stock. Canaccord Genuity Group reissued a "buy" rating and set a $32.00 price objective on shares of Hut 8 in a research note on Monday, May 12th. Northland Securities began coverage on shares of Hut 8 in a research note on Monday, April 21st. They set an "outperform" rating and a $20.00 price objective on the stock. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $30.00 price objective on shares of Hut 8 in a research note on Friday, March 7th. Sixteen research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $25.76.
View Our Latest Report on Hut 8
Insider Activity
In related news, insider Victor Semah sold 11,363 shares of the business's stock in a transaction on Monday, May 5th. The shares were sold at an average price of $12.95, for a total transaction of $147,150.85. Following the transaction, the insider now directly owns 15,738 shares in the company, valued at approximately $203,807.10. The trade was a 41.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 11.20% of the stock is currently owned by insiders.
Hut 8 Trading Up 13.8%
NASDAQ:HUT traded up $2.25 on Friday, hitting $18.57. 11,083,927 shares of the company's stock were exchanged, compared to its average volume of 5,913,015. The firm has a 50-day moving average price of $13.94 and a 200-day moving average price of $18.47. 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 52 week low of $8.73 and a 52 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 the consensus estimate 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. Equities research analysts anticipate that Hut 8 Corp. will post -0.53 EPS for the current fiscal year.
Hut 8 Profile
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Free Report)
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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