Van ECK Associates Corp Sells 1,109,747 Shares of Hut 8 Corp. $HUT

Key Points

• Van ECK Associates cut its Hut 8 stake by 67.5%, selling 1,109,747 shares and retaining 533,320 shares worth about $18.6 million (roughly 0.49% of the company) at quarter end.
• Insider sales were reported on March 10: CFO Sean Glennan sold 4,625 shares (a ~27.7% reduction) and Victor Semah sold 5,498 shares (a ~18.2% reduction) of their holdings.
• Analyst sentiment and stock performance: analysts have a "Moderate Buy" consensus with an average target of $65.56; HUT recently traded at $50.55, has a $5.61 billion market cap and a 1‑year range of $10.04–$66.07.

Van ECK Associates Corp decreased its position in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) by 67.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 533,320 shares of the company's stock after selling 1,109,747 shares during the period. Van ECK Associates Corp owned approximately 0.49% of Hut 8 worth $18,565,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of HUT. Advisors Asset Management Inc. grew its stake in shares of Hut 8 by 68.4% in the second quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company's stock valued at $30,000 after acquiring an additional 655 shares in the last quarter. Russell Investments Group Ltd. raised its stake in Hut 8 by 235.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company's stock worth $46,000 after purchasing an additional 1,719 shares in the last quarter. Global Retirement Partners LLC boosted its holdings in Hut 8 by 152.2% in the 3rd quarter. Global Retirement Partners LLC now owns 3,349 shares of the company's stock valued at $117,000 after purchasing an additional 2,021 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Hut 8 by 31.3% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 9,179 shares of the company's stock valued at $171,000 after purchasing an additional 2,186 shares during the period. Finally, Ameritas Investment Partners Inc. grew its position in shares of Hut 8 by 13.6% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 9,625 shares of the company's stock worth $179,000 after purchasing an additional 1,150 shares in the last quarter. Institutional investors and hedge funds own 31.75% of the company's stock.

Hut 8 Price Performance

Shares of NASDAQ HUT traded up $2.01 during trading hours on Friday, hitting $50.55. 977,375 shares of the stock were exchanged, compared to its average volume of 5,064,782. The company's fifty day simple moving average is $55.30 and its two-hundred day simple moving average is $45.62. The company has a market cap of $5.61 billion, a PE ratio of -21.79 and a beta of 4.42. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.09 and a current ratio of 1.09. Hut 8 Corp. has a 1-year low of $10.04 and a 1-year high of $66.07.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on HUT shares. Roth Mkm reaffirmed a "buy" rating and set a $80.00 target price on shares of Hut 8 in a report on Tuesday, January 27th. Canaccord Genuity Group increased their price target on Hut 8 from $62.00 to $70.00 and gave the stock a "buy" rating in a research report on Friday, February 27th. Wall Street Zen lowered Hut 8 from a "hold" rating to a "sell" rating in a research note on Saturday, February 28th. Needham & Company LLC lifted their price objective on Hut 8 from $60.00 to $66.00 and gave the company a "buy" rating in a report on Thursday, February 26th. Finally, Rosenblatt Securities reissued a "buy" rating and set a $65.00 target price on shares of Hut 8 in a report on Thursday, February 26th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $65.56.

Insider Buying and Selling at Hut 8

In other Hut 8 news, CFO Sean Joseph Glennan sold 4,625 shares of the firm's stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $49.05, for a total value of $226,856.25. Following the sale, the chief financial officer owned 12,068 shares of the company's stock, valued at approximately $591,935.40. This trade represents a 27.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Victor Semah sold 5,498 shares of Hut 8 stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $49.05, for a total value of $269,676.90. Following the completion of the transaction, the insider owned 24,796 shares in the company, valued at approximately $1,216,243.80. The trade was a 18.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 11.20% of the stock is owned by corporate insiders.

Hut 8 Company Profile

Hut 8 Corp., trading on the Nasdaq under the symbol HUT, is a North American digital infrastructure company specializing in cryptocurrency mining and high‐performance computing. Founded in 2017 and headquartered in Toronto, Canada, Hut 8 operates purpose‐built data centers that house fleets of specialized ASIC and GPU servers. Through its flagship mining facilities in Alberta and Ontario, the company leverages low‐cost, low‐carbon power sources—such as hydroelectric and natural gas—to support sustainable bitcoin production.

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