Universal Beteiligungs und Servicegesellschaft mbH Invests $1.10 Million in Hut 8 Corp. (NASDAQ:HUT)

Key Points

• Universal Beteiligungs und Servicegesellschaft mbH has invested $1.10 million in Hut 8 Corp., acquiring approximately 95,000 shares during the first quarter.
• Recent institutional investors have significantly increased their stakes in Hut 8, leading to 31.75% of the company's stock now held by institutional investors and hedge funds.
• Hut 8 Corp. reported a quarterly loss of ($0.18) EPS, falling short of analysts' expectations, while analysts retain a generally positive outlook with multiple buy ratings and an average price target of $26.12.

Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 95,000 shares of the company's stock, valued at approximately $1,104,000. Universal Beteiligungs und Servicegesellschaft mbH owned about 0.09% of Hut 8 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of HUT. Vanguard Group Inc. raised its position in shares of Hut 8 by 3.9% during the 4th quarter. Vanguard Group Inc. now owns 6,459,385 shares of the company's stock valued at $132,352,000 after acquiring an additional 245,113 shares during the last quarter. Northern Trust Corp grew its stake in shares of Hut 8 by 4.1% during the fourth quarter. Northern Trust Corp now owns 717,575 shares of the company's stock worth $14,703,000 after purchasing an additional 28,462 shares during the period. ExodusPoint Capital Management LP bought a new stake in Hut 8 in the fourth quarter valued at about $1,180,000. Jericho Capital Asset Management L.P. bought a new stake in Hut 8 in the fourth quarter valued at about $37,400,000. Finally, JPMorgan Chase & Co. lifted its stake in Hut 8 by 23.1% in the fourth quarter. JPMorgan Chase & Co. now owns 322,927 shares of the company's stock valued at $6,617,000 after buying an additional 60,542 shares during the period. Institutional investors and hedge funds own 31.75% of the company's stock.

Insider Activity

In related news, Director Joseph Flinn sold 11,069 shares of Hut 8 stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $15.77, for a total value of $174,558.13. Following the sale, the director owned 19,791 shares of the company's stock, valued at approximately $312,104.07. The trade was a 35.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Victor Semah sold 11,363 shares of the stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $12.95, for a total value of $147,150.85. Following the transaction, the insider directly owned 15,738 shares of the company's stock, valued at $203,807.10. This trade represents a 41.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. 11.20% of the stock is owned by company insiders.

Hut 8 Stock Performance

NASDAQ HUT traded down $1.45 during trading on Friday, hitting $19.78. The stock had a trading volume of 4,761,791 shares, compared to its average volume of 4,911,779. The company's 50-day moving average price is $19.06 and its two-hundred day moving average price is $16.93. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.27. Hut 8 Corp. has a 12 month low of $8.73 and a 12 month high of $31.95.

Hut 8 (NASDAQ:HUT - Get Free Report) last released its earnings results 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). Hut 8 had a negative net margin of 39.92% and a positive return on equity of 13.00%. The business had revenue of $20.88 million during the quarter, compared to the consensus estimate of $33.68 million. On average, equities analysts forecast that Hut 8 Corp. will post -0.53 EPS for the current year.

Analyst Ratings Changes

HUT has been the subject of several analyst reports. Citizens Jmp upgraded Hut 8 to a "strong-buy" rating and set a $25.00 target price for the company in a research report on Thursday, May 22nd. 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. Needham & Company LLC reaffirmed a "buy" rating and issued a $21.00 target price on shares of Hut 8 in a research note on Friday, May 9th. BTIG Research began coverage on shares of Hut 8 in a report on Monday, April 14th. They issued a "buy" rating and a $18.00 target price on the stock. Finally, Roth Capital started coverage on shares of Hut 8 in a research report on Friday, June 6th. They set a "buy" rating and a $25.00 price target on the stock. Fifteen equities research analysts have rated the stock with a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $26.12.

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.