West Tower Group LLC Purchases New Stake in Hut 8 Corp. $HUT

Key Points

• West Tower Group LLC has acquired a new stake in Hut 8 Corp. (NASDAQ:HUT), purchasing 12,000 shares valued at approximately $223,000 during the second quarter.
• Wall Street analysts have a positive outlook on Hut 8, with multiple firms increasing their price targets and maintaining "buy" ratings, forecasting an average target price of $33.65 for the stock.
• Insider trading activity shows significant share sales, with the CFO and a director selling a combined 16,060 shares recently, leading to a decrease in their ownership stakes by approximately 49% and 46% respectively.

West Tower Group LLC purchased a new stake in Hut 8 Corp. (NASDAQ:HUT - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 12,000 shares of the company's stock, valued at approximately $223,000.

Other large investors have also added to or reduced their stakes in the company. State of Wyoming bought a new stake in Hut 8 in the 1st quarter valued at $32,000. US Bancorp DE increased its position in Hut 8 by 3,961.7% during the 1st quarter. US Bancorp DE now owns 3,290 shares of the company's stock worth $38,000 after buying an additional 3,209 shares during the period. Quantbot Technologies LP bought a new position in Hut 8 during the 1st quarter worth $95,000. SBI Securities Co. Ltd. increased its position in Hut 8 by 51.7% during the 1st quarter. SBI Securities Co. Ltd. now owns 9,468 shares of the company's stock worth $110,000 after buying an additional 3,228 shares during the period. Finally, Vanguard Capital Wealth Advisors bought a new position in Hut 8 during the 2nd quarter worth $193,000. Institutional investors own 31.75% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on HUT. Canaccord Genuity Group increased their price objective on Hut 8 from $32.00 to $36.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Roth Capital reiterated a "buy" rating and set a $60.00 price objective (up previously from $31.00) on shares of Hut 8 in a research report on Monday, September 15th. Rosenblatt Securities increased their price objective on Hut 8 from $30.00 to $65.00 and gave the stock a "buy" rating in a research report on Thursday. BTIG Research increased their target price on Hut 8 from $33.00 to $55.00 and gave the stock a "buy" rating in a report on Tuesday, October 14th. Finally, Maxim Group increased their target price on Hut 8 from $23.00 to $30.00 and gave the stock a "buy" rating in a report on Monday, August 11th. Three analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Hut 8 has an average rating of "Buy" and an average target price of $33.65.

Hut 8 Price Performance

HUT opened at $48.46 on Monday. Hut 8 Corp. has a 52-week low of $10.04 and a 52-week high of $57.29. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.81 and a quick ratio of 1.81. The business's fifty day moving average is $33.00 and its 200-day moving average is $22.47.

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

Insider Activity

In related news, CFO Sean Joseph Glennan sold 6,060 shares of the firm's stock in a transaction dated 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 directly owned 6,295 shares of the company's stock, valued at $139,056.55. This trade represents a 49.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Joseph Flinn sold 8,500 shares of the firm's stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $26.55, for a total value of $225,675.00. Following the completion of the sale, the director directly owned 9,791 shares in the company, valued at $259,951.05. This trade represents a 46.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 16,060 shares of company stock worth $399,485 over the last ninety days. 11.20% of the stock is currently owned by insiders.

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.

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