UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Hut 8 Corp. (NASDAQ:HUT - Free Report) by 25.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 167,469 shares of the company's stock after acquiring an additional 33,713 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.18% of Hut 8 worth $3,431,000 at the end of the most recent quarter.
Several other institutional investors have also added to or reduced their stakes in the stock. Summit Investment Advisors Inc. increased its stake in Hut 8 by 7.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 8,475 shares of the company's stock valued at $174,000 after purchasing an additional 618 shares in the last quarter. Arizona State Retirement System grew its stake in shares of Hut 8 by 2.8% in the 4th quarter. Arizona State Retirement System now owns 23,764 shares of the company's stock valued at $487,000 after buying an additional 637 shares during the period. R Squared Ltd acquired a new stake in shares of Hut 8 in the 4th quarter valued at about $26,000. New York State Common Retirement Fund increased its position in Hut 8 by 5.6% in the 4th quarter. New York State Common Retirement Fund now owns 27,140 shares of the company's stock valued at $556,000 after buying an additional 1,440 shares in the last quarter. Finally, Optiver Holding B.V. bought a new stake in Hut 8 in the 4th quarter valued at about $35,000. 31.75% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
HUT has been the subject of a number of recent research reports. UBS Group set a $33.00 price target on shares of Hut 8 in a research note on Wednesday, April 2nd. Northland Capmk upgraded shares of Hut 8 to a "strong-buy" rating in a report on Monday, April 21st. Maxim Group assumed coverage on shares of Hut 8 in a report on Thursday, May 1st. They issued a "buy" rating and a $20.00 target price on the stock. Rosenblatt Securities initiated coverage on shares of Hut 8 in a research report on Friday, March 7th. They issued a "buy" rating and a $23.00 price target on the stock. Finally, Roth Capital assumed coverage on Hut 8 in a research note on Friday. They set a "buy" rating and a $25.00 price target for the company. Sixteen 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 stock has a consensus rating of "Buy" and an average target price of $25.76.
Check Out Our Latest Report on HUT
Insider Activity
In related news, insider Victor Semah sold 11,363 shares of the company's stock in a transaction dated Monday, May 5th. The stock was 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 of the company's stock, valued at $203,807.10. This represents a 41.93% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 11.20% of the company's stock.
Hut 8 Trading Up 13.8%
Shares of Hut 8 stock traded up $2.25 on Friday, reaching $18.57. The company had a trading volume of 11,082,924 shares, compared to its average volume of 5,910,853. 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 50-day moving average price is $13.84 and its two-hundred day moving average price is $18.52. Hut 8 Corp. has a 1 year low of $8.73 and a 1 year high of $31.95.
Hut 8 (NASDAQ:HUT - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.18) earnings per share for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.06). The company had revenue of $20.88 million for the quarter, compared to the consensus estimate of $33.68 million. On average, research analysts anticipate that Hut 8 Corp. will post -0.53 earnings per share for the current year.
Hut 8 Company Profile
(
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.
Read More
Before you consider Hut 8, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Hut 8 wasn't on the list.
While Hut 8 currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
With the proliferation of data centers and electric vehicles, the electric grid will only get more strained. Download this report to learn how energy stocks can play a role in your portfolio as the global demand for energy continues to grow.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
