Universal Beteiligungs und Servicegesellschaft mbH Buys New Stake 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 acquired a new position in Hut 8 Corp. (NASDAQ:HUT - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 95,000 shares of the company's stock, valued at approximately $1,104,000. Universal Beteiligungs und Servicegesellschaft mbH owned 0.09% of Hut 8 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of HUT. Summit Investment Advisors Inc. raised its holdings in Hut 8 by 7.9% in the 4th quarter. Summit Investment Advisors Inc. now owns 8,475 shares of the company's stock worth $174,000 after acquiring an additional 618 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Hut 8 by 7.9% in the 1st quarter. Victory Capital Management Inc. now owns 11,127 shares of the company's stock worth $129,000 after purchasing an additional 819 shares in the last quarter. Optiver Holding B.V. purchased a new stake in shares of Hut 8 in the 4th quarter worth $35,000. LPL Financial LLC increased its stake in shares of Hut 8 by 4.5% in 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. Finally, Russell Investments Group Ltd. increased its stake in shares of Hut 8 by 832.4% in the 4th quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company's stock worth $42,000 after purchasing an additional 1,823 shares in the last quarter. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Northland Securities set a $26.00 price target on Hut 8 in a research note on Friday, July 11th. HC Wainwright reaffirmed a "buy" rating and issued a $25.00 price target on shares of Hut 8 in a report on Friday, May 9th. B. Riley started coverage on shares of Hut 8 in a report on Wednesday, May 14th. They issued a "buy" rating and a $25.00 price target for the company. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $32.00 price target on shares of Hut 8 in a report on Monday, May 12th. Finally, JMP Securities began coverage on shares of Hut 8 in a research note on Thursday, May 22nd. They issued a "market outperform" rating and a $25.00 price objective for the company. Fifteen 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, the stock has a consensus rating of "Buy" and an average price target of $26.12.

Insider Transactions at Hut 8

In other news, Director Joseph Flinn sold 11,069 shares of Hut 8 stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $15.77, for a total transaction of $174,558.13. Following the completion of the sale, the director directly owned 19,791 shares in the company, 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 filing with the SEC, which is accessible through the SEC website. Corporate insiders own 11.20% of the company's stock.

Hut 8 Price Performance

HUT stock traded up $0.23 during trading on Wednesday, hitting $20.50. 2,040,269 shares of the company's stock traded hands, compared to its average volume of 5,637,856. The business has a fifty day simple moving average of $19.22 and a two-hundred day simple moving average of $16.85. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.26 and a current ratio of 1.26. 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 issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.06). The business had revenue of $20.88 million for the quarter, compared to analysts' expectations of $33.68 million. Hut 8 had a negative net margin of 39.92% and a positive return on equity of 13.00%. As a group, sell-side analysts predict that Hut 8 Corp. will post -0.53 EPS for the current fiscal year.

About Hut 8

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.