Wellington Management Group LLP Takes $97.95 Million Position in Hut 8 Corp. $HUT

Key Points

• Wellington Management acquired 848,448 Hut 8 shares worth approximately $97.95 million, giving it a 0.69% stake. Institutional investors collectively own 31.75% of the company.
• Hut 8 reported weaker-than-expected quarterly results, with an adjusted loss of $1.27 per share versus the $0.55 consensus loss and revenue of $74.93 million below estimates.
• Despite the earnings miss and recent insider selling, analysts maintain a consensus “Buy” rating with an average price target of $144.89, well above the reported $77.57 share price.

Wellington Management Group LLP purchased a new stake in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 848,448 shares of the company's stock, valued at approximately $97,949,000. Wellington Management Group LLP owned approximately 0.69% of Hut 8 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in HUT. Canada Pension Plan Investment Board bought a new stake in shares of Hut 8 during the 2nd quarter valued at $45,301,000. Dimensional Fund Advisors LP increased its holdings in shares of Hut 8 by 11.1% during the first quarter. Dimensional Fund Advisors LP now owns 207,619 shares of the company's stock valued at $9,717,000 after acquiring an additional 20,813 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in Hut 8 by 4,669,387.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company's stock valued at $186,629,000 after purchasing an additional 4,062,367 shares in the last quarter. Handelsbanken Fonder AB bought a new stake in shares of Hut 8 during the fourth quarter valued at approximately $1,153,000. Finally, Dayah Capital LLC increased its holdings in shares of Hut 8 by 12.6% in the 1st quarter. Dayah Capital LLC now owns 217,920 shares of the company's stock worth $10,223,000 after purchasing an additional 24,456 shares in the last quarter. 31.75% of the stock is owned by hedge funds and other institutional investors.

Hut 8 Trading Down 1.4%

Shares of Hut 8 stock opened at $77.57 on Wednesday. Hut 8 Corp. has a 1-year low of $24.20 and a 1-year high of $140.80. The company's fifty day simple moving average is $97.17 and its 200-day simple moving average is $85.57. The company has a debt-to-equity ratio of 4.22, a current ratio of 19.35 and a quick ratio of 19.35. The stock has a market capitalization of $9.56 billion, a PE ratio of -14.23 and a beta of 4.51.

Hut 8 (NASDAQ:HUT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($1.27) EPS for the quarter, missing the consensus estimate of ($0.55) by ($0.72). Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%.The company had revenue of $74.93 million during the quarter, compared to analysts' expectations of $79.37 million. During the same quarter last year, the company earned $1.18 earnings per share. As a group, equities analysts anticipate that Hut 8 Corp. will post -2.85 earnings per share for the current year.

Insiders Place Their Bets

In other Hut 8 news, insider Victor Semah sold 10,000 shares of the company's stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $125.00, for a total value of $1,250,000.00. Following the completion of the sale, the insider owned 31,378 shares in the company, valued at $3,922,250. This represents a 24.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Joseph Flinn sold 7,719 shares of the firm's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $117.91, for a total value of $910,147.29. Following the completion of the transaction, the director directly owned 10,519 shares in the company, valued at $1,240,295.29. This trade represents a 42.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 54,664 shares of company stock worth $6,212,160 over the last quarter. 10.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Piper Sandler lifted their price target on shares of Hut 8 from $127.00 to $143.00 and gave the stock an "overweight" rating in a research note on Thursday, August 6th. Keefe, Bruyette & Woods lowered their price target on Hut 8 from $157.00 to $154.00 and set an "outperform" rating on the stock in a report on Thursday, August 6th. Freedom Capital upgraded Hut 8 to a "strong-buy" rating in a research note on Tuesday, August 18th. BTIG Research upped their price objective on Hut 8 from $115.00 to $150.00 and gave the company a "buy" rating in a research report on Wednesday, June 24th. Finally, Needham & Company LLC lowered their target price on Hut 8 from $145.00 to $138.00 and set a "buy" rating on the stock in a report on Wednesday, August 5th. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, Hut 8 presently has a consensus rating of "Buy" and an average price target of $144.89.

About Hut 8

Hut 8 Corp., trading on the Nasdaq under the symbol HUT, is a North American digital infrastructure company specializing in cryptocurrency mining and high‐performance computing. Founded in 2017 and headquartered in Toronto, Canada, Hut 8 operates purpose‐built data centers that house fleets of specialized ASIC and GPU servers. Through its flagship mining facilities in Alberta and Ontario, the company leverages low‐cost, low‐carbon power sources—such as hydroelectric and natural gas—to support sustainable bitcoin production.

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