Hut 8 Corp. $HUT Shares Purchased 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. grew its holdings in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) by 1.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,546,935 shares of the company's stock after acquiring an additional 87,550 shares during the period. Vanguard Group Inc. owned about 6.29% of Hut 8 worth $76,075,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of HUT. Optiver Holding B.V. acquired a new stake in shares of Hut 8 during the fourth quarter valued at about $35,000. US Bancorp DE grew its stake 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 valued at $38,000 after acquiring an additional 3,209 shares in the last quarter. Russell Investments Group Ltd. grew its stake in shares of 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 acquiring an additional 1,823 shares in the last quarter. NewEdge Advisors LLC grew its stake 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 acquiring an additional 3,136 shares in the last quarter. Finally, SBI Securities Co. Ltd. grew its stake 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 valued at $110,000 after acquiring an additional 3,228 shares in the last quarter. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Hut 8 Price Performance

HUT stock traded up $0.22 during midday trading on Friday, reaching $26.73. The company had a trading volume of 4,091,540 shares, compared to its average volume of 5,200,502. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.81 and a current ratio of 1.81. The stock has a 50 day moving average price of $21.37 and a 200 day moving average price of $16.97. Hut 8 Corp. has a fifty-two week low of $8.73 and a fifty-two week high of $31.95.

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

Analyst Upgrades and Downgrades

HUT has been the subject of several recent analyst reports. HC Wainwright restated a "buy" rating and set a $25.00 target price on shares of Hut 8 in a research note on Friday, May 9th. Citizens Jmp upgraded Hut 8 to a "strong-buy" rating and set a $25.00 price target for the company in a research note on Thursday, May 22nd. Needham & Company LLC reiterated a "buy" rating and issued a $21.00 price target on shares of Hut 8 in a research note on Friday, May 9th. Maxim Group lifted their price target on Hut 8 from $23.00 to $30.00 and gave the stock a "buy" rating in a research note on Monday, August 11th. Finally, Northland Securities set a $26.00 price target on Hut 8 in a research note on Friday, July 11th. Four analysts have rated the stock with a Strong Buy rating and fifteen have given a Buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $26.94.

Insider Activity at Hut 8

In other news, CFO Sean Joseph Glennan sold 6,060 shares of the business's stock in a transaction that occurred on Monday, August 25th. The stock was 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. The trade was a 49.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Joseph Flinn sold 11,069 shares of the business's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $15.77, for a total value of $174,558.13. Following the transaction, the director owned 19,791 shares of the company's stock, valued at approximately $312,104.07. This represents a 35.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 27,129 shares of company stock valued at $574,044. Insiders own 11.20% of the company's stock.

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.