Voloridge Investment Management LLC Invests $24.17 Million in Hut 8 Corp. (NASDAQ:HUT)

Voloridge Investment Management LLC bought a new stake in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 1,179,599 shares of the company's stock, valued at approximately $24,170,000. Voloridge Investment Management LLC owned about 1.26% of Hut 8 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of HUT. Vanguard Group Inc. boosted its holdings in shares of Hut 8 by 3.9% in the fourth quarter. Vanguard Group Inc. now owns 6,459,385 shares of the company's stock worth $132,352,000 after buying an additional 245,113 shares during the last quarter. Jericho Capital Asset Management L.P. purchased a new stake in shares of Hut 8 in the 4th quarter worth $37,400,000. BIT Capital GmbH raised its holdings in Hut 8 by 11.5% in the 4th quarter. BIT Capital GmbH now owns 1,818,456 shares of the company's stock worth $37,260,000 after purchasing an additional 187,773 shares during the period. D. E. Shaw & Co. Inc. purchased a new position in Hut 8 during the fourth quarter valued at $27,115,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in Hut 8 during the fourth quarter valued at $23,009,000. 31.75% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on HUT shares. Needham & Company LLC reaffirmed a "buy" rating and issued a $21.00 price objective on shares of Hut 8 in a research note on Friday, May 9th. UBS Group set a $33.00 target price on shares of Hut 8 in a report on Wednesday, April 2nd. Citizens Jmp raised shares of Hut 8 to a "strong-buy" rating and set a $25.00 price target on the stock in a report on Thursday, May 22nd. JMP Securities initiated coverage on shares of Hut 8 in a research note on Thursday, May 22nd. They issued a "market outperform" rating and a $25.00 price objective for the company. Finally, B. Riley assumed coverage on shares of Hut 8 in a research note on Wednesday, May 14th. They set a "buy" rating and a $25.00 target price on the stock. Fifteen investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Hut 8 presently has a consensus rating of "Buy" and an average target price of $25.81.

Insider Buying and Selling at Hut 8

In other news, insider Victor Semah sold 11,363 shares of Hut 8 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 transaction, the insider now owns 15,738 shares in the company, valued at approximately $203,807.10. The trade was a 41.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 11.20% of the stock is owned by company insiders.

Hut 8 Stock Up 2.0%

Hut 8 stock traded up $0.34 during midday trading on Tuesday, reaching $16.99. 3,346,984 shares of the stock traded hands, compared to its average volume of 5,797,027. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. Hut 8 Corp. has a 12 month low of $8.53 and a 12 month high of $31.95. The stock's fifty day moving average is $13.33 and its 200-day moving average is $18.91.

Hut 8 (NASDAQ:HUT - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.18) 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. As a group, analysts predict that Hut 8 Corp. will post -0.53 EPS for the current fiscal year.

Hut 8 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.