Yaupon Capital Management LP Purchases Shares of 275,000 Hut 8 Corp. $HUT

Key Points

• Yaupon Capital Management LP has acquired a new position in Hut 8 Corp., purchasing 275,000 shares valued at approximately $3,196,000, which amounts to 0.26% of the company's total shares.
• Several other institutional investors also increased their stakes in Hut 8, with Arete Wealth Advisors raising its holdings by 241.5%, indicating a growing interest in the company's stock.
• Hut 8 reported a quarterly loss of ($0.14) earnings per share, surpassing the consensus estimate, and recorded revenue of $41.72 million during the quarter, lower than the expected $49.10 million.

Yaupon Capital Management LP purchased a new stake in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 275,000 shares of the company's stock, valued at approximately $3,196,000. Yaupon Capital Management LP owned approximately 0.26% of Hut 8 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Victory Capital Management Inc. grew its holdings in shares of Hut 8 by 7.9% during the first quarter. Victory Capital Management Inc. now owns 11,127 shares of the company's stock valued at $129,000 after buying an additional 819 shares in the last quarter. Swiss National Bank boosted its position in Hut 8 by 1.4% during the first quarter. Swiss National Bank now owns 163,440 shares of the company's stock valued at $1,899,000 after purchasing an additional 2,200 shares during the last quarter. State of Wyoming acquired a new stake in Hut 8 during the first quarter valued at $32,000. US Bancorp DE boosted its position in Hut 8 by 3,961.7% during the first quarter. US Bancorp DE now owns 3,290 shares of the company's stock valued at $38,000 after purchasing an additional 3,209 shares during the last quarter. Finally, SBI Securities Co. Ltd. boosted its position in Hut 8 by 51.7% during the first quarter. SBI Securities Co. Ltd. now owns 9,468 shares of the company's stock valued at $110,000 after purchasing an additional 3,228 shares during the last quarter. Hedge funds and other institutional investors own 31.75% of the company's stock.

Hut 8 Stock Up 1.5%

NASDAQ:HUT traded up $0.48 during mid-day trading on Friday, hitting $32.44. 3,811,474 shares of the company's stock traded hands, compared to its average volume of 5,536,389. 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 firm has a 50 day moving average of $23.25 and a two-hundred day moving average of $17.61. Hut 8 Corp. has a 12 month low of $10.04 and a 12 month high of $32.83.

Hut 8 (NASDAQ:HUT - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.14) 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 the consensus estimate of $49.10 million. Hut 8 had a return on equity of 8.73% and a net margin of 112.81%. Equities analysts expect that Hut 8 Corp. will post -0.53 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Roth Capital assumed coverage on Hut 8 in a research report on Friday, June 6th. They set a "buy" rating and a $25.00 price objective for the company. Rosenblatt Securities reduced their price objective on Hut 8 from $24.00 to $23.00 and set a "buy" rating for the company in a research report on Monday, August 11th. Canaccord Genuity Group lifted their price objective on Hut 8 from $32.00 to $36.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. JMP Securities assumed coverage on Hut 8 in a research report on Thursday, May 22nd. They issued a "market outperform" rating and a $25.00 price target for the company. Finally, Citizens Jmp raised Hut 8 to a "strong-buy" rating and set a $25.00 price target for the company in a research report on Thursday, May 22nd. Four research analysts have rated the stock with a Strong Buy rating and fifteen have issued a Buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $27.82.

Insider Activity at Hut 8

In other Hut 8 news, CFO Sean Joseph Glennan sold 6,060 shares of Hut 8 stock in a transaction that occurred 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 transaction, the chief financial officer directly owned 6,295 shares of the company's stock, valued at $139,056.55. The trade was a 49.05% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Joseph Flinn sold 11,069 shares of Hut 8 stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $15.77, for a total value of $174,558.13. Following the completion of the transaction, the director directly owned 19,791 shares in the company, valued at approximately $312,104.07. This represents a 35.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,129 shares of company stock worth $574,044. Company insiders own 11.20% of the company's stock.

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.