Vanguard Capital Wealth Advisors Makes New $193,000 Investment 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 bought a new position in Hut 8 Corp. (NASDAQ:HUT - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 10,400 shares of the company's stock, valued at approximately $193,000.

Other large investors also recently made changes to their positions in the company. State of Wyoming bought a new stake in shares of Hut 8 during the first quarter worth $32,000. US Bancorp DE increased its position in shares of Hut 8 by 3,961.7% during the first quarter. US Bancorp DE now owns 3,290 shares of the company's stock worth $38,000 after acquiring an additional 3,209 shares in the last quarter. Quantbot Technologies LP bought a new stake in shares of Hut 8 during the first quarter worth $95,000. SBI Securities Co. Ltd. increased its position in shares of Hut 8 by 51.7% during the first quarter. SBI Securities Co. Ltd. now owns 9,468 shares of the company's stock worth $110,000 after acquiring an additional 3,228 shares in the last quarter. Finally, Nomura Holdings Inc. bought a new stake in shares of Hut 8 during the fourth quarter worth $208,000. Institutional investors own 31.75% of the company's stock.

Insider Buying and Selling

In related news, CFO Sean Joseph Glennan sold 6,060 shares of the firm's stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $22.09, for a total value of $133,865.40. Following the sale, the chief financial officer directly owned 6,295 shares of the company's stock, valued at $139,056.55. This trade represents a 49.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Joseph Flinn sold 8,500 shares of Hut 8 stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $26.55, for a total transaction of $225,675.00. Following the transaction, the director directly owned 9,791 shares in the company, valued at $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 16,060 shares of company stock worth $399,485 over the last ninety days. 11.20% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

HUT has been the subject of several research reports. Canaccord Genuity Group increased their price objective 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. Rosenblatt Securities lowered their price objective on shares of Hut 8 from $24.00 to $23.00 and set a "buy" rating for the company in a research report on Monday, August 11th. Northland Securities set a $26.00 price objective on shares of Hut 8 in a research report on Friday, July 11th. Maxim Group increased their price objective on shares of Hut 8 from $23.00 to $30.00 and gave the stock a "buy" rating in a research report on Monday, August 11th. Finally, Roth Capital reaffirmed a "buy" rating and issued a $60.00 target price (up previously from $31.00) on shares of Hut 8 in a research report on Monday, September 15th. Three equities research analysts have rated the stock with a Strong Buy rating and sixteen have issued a Buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $29.88.

Hut 8 Trading Down 6.0%

NASDAQ:HUT traded down $2.28 on Tuesday, reaching $35.59. 6,751,620 shares of the company's stock were exchanged, compared to its average volume of 5,729,440. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.81 and a quick ratio of 1.81. Hut 8 Corp. has a 52 week low of $10.04 and a 52 week high of $39.47. The stock has a fifty day simple moving average of $25.03 and a 200-day simple moving average of $18.59.

Hut 8 (NASDAQ:HUT - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.14) earnings per share for the quarter, topping 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 firm had revenue of $41.72 million during the quarter, compared to analyst estimates of $49.10 million. On average, analysts anticipate that Hut 8 Corp. will post -0.53 earnings per share for the current fiscal year.

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.