Vanguard Capital Wealth Advisors Invests $193,000 in Hut 8 Corp. $HUT

Key Points

• Vanguard Capital Wealth Advisors has acquired a new position in Hut 8 Corp., purchasing 10,400 shares valued at approximately $193,000 during the second quarter.
• Hut 8's recent quarterly earnings report indicated a loss of ($0.14) per share, yet beat analysts' consensus estimates, generating revenues of $41.72 million.
• Multiple institutional investors, including the Teacher Retirement System of Texas and Baird Financial Group, have increased their stakes in Hut 8, suggesting growing confidence in the company's future.

Vanguard Capital Wealth Advisors acquired a new position in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 10,400 shares of the company's stock, valued at approximately $193,000.

Other institutional investors have also added to or reduced their stakes in the company. Teacher Retirement System of Texas acquired a new position in shares of Hut 8 during the first quarter worth $143,000. Baird Financial Group Inc. bought a new position in shares of Hut 8 during the 1st quarter worth approximately $360,000. Bank of America Corp DE lifted its position in shares of Hut 8 by 16.8% during the 4th quarter. Bank of America Corp DE now owns 146,500 shares of the company's stock worth $3,002,000 after buying an additional 21,058 shares in the last quarter. Nuveen LLC bought a new stake in shares of Hut 8 in the 1st quarter worth approximately $2,508,000. Finally, SG Americas Securities LLC raised its holdings in Hut 8 by 481.9% during the 1st quarter. SG Americas Securities LLC now owns 40,615 shares of the company's stock valued at $472,000 after acquiring an additional 33,635 shares during the period. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Hut 8

In other Hut 8 news, CFO Sean Joseph Glennan sold 6,060 shares of the firm's stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $22.09, for a total transaction of $133,865.40. Following the completion of the transaction, the chief financial officer directly owned 6,295 shares in the company, valued at approximately $139,056.55. This trade represents a 49.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Joseph Flinn sold 8,500 shares of Hut 8 stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $26.55, for a total transaction of $225,675.00. Following the sale, the director owned 9,791 shares of the company's stock, valued at approximately $259,951.05. This trade represents a 46.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 27,129 shares of company stock valued at $574,044 in the last 90 days. Company insiders own 11.20% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently commented on HUT. Northland Securities set a $26.00 price target on shares of Hut 8 in a research report on Friday, July 11th. Maxim Group raised their target price on shares of Hut 8 from $23.00 to $30.00 and gave the company a "buy" rating in a research note on Monday, August 11th. Roth Capital reiterated a "buy" rating and set a $60.00 price target (up previously from $31.00) on shares of Hut 8 in a report on Monday, September 15th. Canaccord Genuity Group increased their price target on shares of Hut 8 from $32.00 to $36.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Finally, Rosenblatt Securities decreased their price target on shares of Hut 8 from $24.00 to $23.00 and set a "buy" rating on the stock in a research note on Monday, August 11th. Three analysts have rated the stock with a Strong Buy rating and sixteen have given a Buy rating to the stock. According to data from MarketBeat.com, Hut 8 currently has an average rating of "Buy" and an average price target of $29.88.

Hut 8 Trading Down 3.0%

Shares of NASDAQ HUT traded down $1.14 during trading on Friday, hitting $36.24. The company had a trading volume of 9,560,519 shares, compared to its average volume of 6,060,217. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 0.19. The stock has a fifty day simple moving average of $24.71 and a two-hundred day simple moving average of $18.42. Hut 8 Corp. has a fifty-two week low of $10.04 and a fifty-two week high of $39.47.

Hut 8 (NASDAQ:HUT - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.15) by $0.01. Hut 8 had a net margin of 112.81% and a return on equity of 8.73%. The business had revenue of $41.72 million for the quarter, compared to the consensus estimate of $49.10 million. Analysts predict that Hut 8 Corp. will post -0.53 EPS for the current fiscal year.

Hut 8 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.