Vennlight Capital Management LP Acquires Shares of 117,800 Hut 8 Corp. (NASDAQ:HUT)

Vennlight Capital Management LP purchased a new position in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund purchased 117,800 shares of the company's stock, valued at approximately $2,414,000. Hut 8 accounts for approximately 2.3% of Vennlight Capital Management LP's holdings, making the stock its 12th biggest position. Vennlight Capital Management LP owned about 0.13% of Hut 8 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. R Squared Ltd bought a new position in Hut 8 during the 4th quarter worth approximately $26,000. Nisa Investment Advisors LLC boosted its stake in Hut 8 by 77.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company's stock worth $26,000 after acquiring an additional 545 shares during the last quarter. Optiver Holding B.V. bought a new position in Hut 8 during the 4th quarter worth approximately $35,000. Russell Investments Group Ltd. boosted its stake in Hut 8 by 832.4% during the 4th quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company's stock worth $42,000 after acquiring an additional 1,823 shares during the last quarter. Finally, Principal Securities Inc. bought a new position in Hut 8 during the 4th quarter worth approximately $45,000. Institutional investors and hedge funds own 31.75% of the company's stock.

Wall Street Analysts Forecast Growth

HUT has been the topic of a number of research reports. Maxim Group initiated coverage on shares of Hut 8 in a research note on Thursday, May 1st. They issued a "buy" rating and a $20.00 price target on the stock. Needham & Company LLC reaffirmed a "buy" rating and issued a $21.00 price target on shares of Hut 8 in a research note on Friday, May 9th. Northland Securities initiated coverage on shares of Hut 8 in a research note on Monday, April 21st. They issued an "outperform" rating and a $20.00 price target on the stock. BTIG Research initiated coverage on shares of Hut 8 in a research note on Monday, April 14th. They issued a "buy" rating and a $18.00 price target on the stock. Finally, Benchmark cut their price target on shares of Hut 8 from $41.00 to $33.00 and set a "buy" rating on the stock in a research note on Wednesday, April 2nd. Fifteen research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, Hut 8 presently has an average rating of "Buy" and an average target price of $25.81.

Insider Activity

In related news, insider Victor Semah sold 11,363 shares of the business's stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $12.95, for a total value of $147,150.85. Following the completion of the sale, the insider now owns 15,738 shares in the company, valued at $203,807.10. The trade was a 41.93% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 11.20% of the company's stock.

Hut 8 Trading Down 2.5%

HUT stock traded down $0.43 during mid-day trading on Friday, reaching $16.65. 7,161,489 shares of the company traded hands, compared to its average volume of 5,790,952. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. Hut 8 Corp. has a 52-week low of $8.53 and a 52-week high of $31.95. The company has a fifty day moving average price of $13.25 and a 200-day moving average price of $18.93.

Hut 8 (NASDAQ:HUT - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.06). The firm had revenue of $20.88 million during the quarter, compared to analysts' expectations of $33.68 million. On average, analysts anticipate 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.