Hut 8 Corp. $HUT Stock Holdings Increased by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. increased its stake in Hut 8 Corp. by 1.4%, purchasing an additional 87,550 shares, bringing its total to approximately 6.5 million shares valued at $76 million.
• Institutional investors and hedge funds collectively own 31.75% of Hut 8's stock, indicating strong interest from major financial players.
• Analysts have positive outlooks on Hut 8, with several firms upgrading their price targets, including Canaccord Genuity raising it from $32 to $36, and multiple "buy" ratings indicating optimism for future growth.

Vanguard Group Inc. lifted its holdings in Hut 8 Corp. (NASDAQ:HUT - Free Report) by 1.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,546,935 shares of the company's stock after buying an additional 87,550 shares during the period. Vanguard Group Inc. owned about 6.29% of Hut 8 worth $76,075,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. Optiver Holding B.V. purchased a new position in shares of Hut 8 during the 4th quarter worth about $35,000. Russell Investments Group Ltd. increased its holdings in Hut 8 by 832.4% during the fourth quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company's stock valued at $42,000 after buying an additional 1,823 shares during the period. US Bancorp DE grew its holdings in Hut 8 by 3,961.7% in the first quarter. US Bancorp DE now owns 3,290 shares of the company's stock worth $38,000 after purchasing an additional 3,209 shares during the last quarter. NewEdge Advisors LLC grew its holdings in shares of Hut 8 by 1,568.0% during the fourth quarter. NewEdge Advisors LLC now owns 3,336 shares of the company's stock valued at $68,000 after buying an additional 3,136 shares during the last quarter. Finally, SBI Securities Co. Ltd. lifted its position in Hut 8 by 51.7% during the first quarter. SBI Securities Co. Ltd. now owns 9,468 shares of the company's stock valued at $110,000 after purchasing an additional 3,228 shares during the period. 31.75% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Joseph Flinn sold 11,069 shares of Hut 8 stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $15.77, for a total value of $174,558.13. Following the completion of the transaction, the director directly owned 19,791 shares of the company's stock, valued at approximately $312,104.07. The trade was a 35.87% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Sean Joseph Glennan sold 6,060 shares of the business'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 transaction, the chief financial officer directly owned 6,295 shares of the company's stock, valued at $139,056.55. The trade was a 49.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 11.20% of the company's stock.

Analysts Set New Price Targets

Several research firms recently weighed in on HUT. JMP Securities initiated coverage on shares of Hut 8 in a research report on Thursday, May 22nd. They set a "market outperform" rating and a $25.00 price target for the company. Needham & Company LLC reaffirmed a "buy" rating and set a $21.00 price objective on shares of Hut 8 in a research report on Friday, May 9th. Rosenblatt Securities decreased their price target 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. Citizens Jmp raised shares of Hut 8 to a "strong-buy" rating and set a $25.00 price objective for the company in a research report on Thursday, May 22nd. Finally, Roth Capital initiated coverage on shares of Hut 8 in a research note on Friday, June 6th. They set a "buy" rating and a $25.00 price target on the stock. Four investment analysts have rated the stock with a Strong Buy rating and fifteen have assigned a Buy rating to the company. According to MarketBeat, the company has an average rating of "Buy" and a consensus target price of $26.94.

Hut 8 Stock Up 2.6%

HUT stock traded up $0.68 during trading on Thursday, reaching $27.03. 2,828,280 shares of the company were exchanged, compared to its average volume of 5,630,910. Hut 8 Corp. has a 52-week low of $8.73 and a 52-week high of $31.95. 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's 50 day moving average price is $20.98 and its 200 day moving average price is $16.88.

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