Vident Advisory LLC Sells 38,066 Shares of Hut 8 Corp. $HUT

Key Points

• Vident Advisory LLC reduced its holdings in Hut 8 Corp. by 7.2%, selling 38,066 shares, and now owns 493,489 shares valued at approximately $5.7 million as of the last quarter.
• Insider transactions included Director Joseph Flinn selling 11,069 shares, marking a 35.87% decrease in his ownership, while CFO Sean Joseph Glennan sold 6,060 shares, representing a 49.05% decrease in his holdings.
• Analysts have assigned an average price target of $26.94 for Hut 8, with multiple firms issuing ratings ranging from "buy" to "strong-buy."

Vident Advisory LLC trimmed its holdings in Hut 8 Corp. (NASDAQ:HUT - Free Report) by 7.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 493,489 shares of the company's stock after selling 38,066 shares during the period. Vident Advisory LLC owned 0.47% of Hut 8 worth $5,734,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Hut 8 by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 6,546,935 shares of the company's stock worth $76,075,000 after acquiring an additional 87,550 shares during the period. D. E. Shaw & Co. Inc. bought a new position in shares of Hut 8 in the fourth quarter worth about $27,115,000. Massachusetts Financial Services Co. MA boosted its stake in shares of Hut 8 by 181.2% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,287,163 shares of the company's stock valued at $14,957,000 after purchasing an additional 829,484 shares in the last quarter. Voloridge Investment Management LLC bought a new stake in shares of Hut 8 during the 4th quarter valued at approximately $24,170,000. Finally, Charles Schwab Investment Management Inc. increased its position in Hut 8 by 2.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,039,169 shares of the company's stock worth $12,075,000 after purchasing an additional 27,477 shares in the last quarter. Institutional investors own 31.75% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on HUT shares. HC Wainwright reaffirmed a "buy" rating and issued a $25.00 target price on shares of Hut 8 in a report on Friday, May 9th. Needham & Company LLC reaffirmed a "buy" rating and issued a $21.00 target price on shares of Hut 8 in a research report on Friday, May 9th. JMP Securities started coverage on Hut 8 in a research report on Thursday, May 22nd. They issued a "market outperform" rating and a $25.00 target price for the company. Northland Securities set a $26.00 target price on Hut 8 in a research report on Friday, July 11th. Finally, 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. Four equities research analysts have rated the stock with a Strong Buy rating and fifteen have issued a Buy rating to the company. According to data from MarketBeat, Hut 8 presently has an average rating of "Buy" and an average target price of $26.94.

Insider Buying and Selling

In other Hut 8 news, Director Joseph Flinn sold 8,500 shares of the stock in a transaction 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 sale, the director owned 9,791 shares in the company, valued at $259,951.05. This represents a 46.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Sean Joseph Glennan sold 6,060 shares of the stock in a transaction on Monday, August 25th. The stock was sold at an average price of $22.09, for a total value of $133,865.40. Following the sale, the chief financial officer owned 6,295 shares in the company, valued at approximately $139,056.55. This represents a 49.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 27,129 shares of company stock worth $574,044 over the last 90 days. 11.20% of the stock is currently owned by corporate insiders.

Hut 8 Stock Up 2.5%

HUT traded up $0.67 during trading on Tuesday, hitting $27.40. 4,421,850 shares of the company traded hands, compared to its average volume of 5,624,591. The stock's fifty day moving average is $21.58 and its 200 day moving average is $16.97. 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 one year low of $8.73 and a one year high of $31.95.

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

About Hut 8

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.