Yaupon Capital Management LP Makes New $3.20 Million Investment in 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 bought a new position in Hut 8 Corp. (NASDAQ:HUT - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 275,000 shares of the company's stock, valued at approximately $3,196,000. Yaupon Capital Management LP owned about 0.26% of Hut 8 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. State of Wyoming purchased a new stake in Hut 8 in the first quarter worth about $32,000. US Bancorp DE lifted its holdings in Hut 8 by 3,961.7% in the first 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 purchased a new stake in Hut 8 in the first quarter worth about $95,000. SBI Securities Co. Ltd. lifted its holdings in Hut 8 by 51.7% in the first 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, Victory Capital Management Inc. lifted 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 purchasing an additional 819 shares during the last quarter. 31.75% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on HUT. Citizens Jmp upgraded shares of Hut 8 to a "strong-buy" rating and set a $25.00 target price for the company in a report on Thursday, May 22nd. Northland Securities set a $26.00 target price on shares of Hut 8 in a report on Friday, July 11th. Canaccord Genuity Group lifted their target price on shares of Hut 8 from $32.00 to $36.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. JMP Securities started coverage on shares of Hut 8 in a report on Thursday, May 22nd. They set a "market outperform" rating and a $25.00 target price for the company. Finally, Citigroup started coverage on shares of Hut 8 in a report on Thursday, May 22nd. They issued an "outperform" rating for the company. Four research analysts have rated the stock with a Strong Buy rating and fifteen have assigned a Buy rating to the company's stock. According to data from MarketBeat, Hut 8 has a consensus rating of "Buy" and a consensus price target of $27.82.

Insiders Place Their Bets

In related news, Director Joseph Flinn sold 8,500 shares of the company's stock in a transaction on 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 transaction, the director owned 9,791 shares of the company's stock, valued at approximately $259,951.05. This represents a 46.47% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Sean Joseph Glennan sold 6,060 shares of the company's stock in a transaction on Monday, August 25th. The stock was sold at an average price of $22.09, for a total transaction of $133,865.40. Following the completion of the transaction, the chief financial officer directly owned 6,295 shares of the company's stock, valued at $139,056.55. This represents a 49.05% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 27,129 shares of company stock valued at $574,044. Insiders own 11.20% of the company's stock.

Hut 8 Stock Up 1.5%

NASDAQ:HUT traded up $0.48 during trading hours on Friday, reaching $32.44. The company had a trading volume of 3,811,474 shares, compared to its average volume of 5,536,389. The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 0.19. Hut 8 Corp. has a 52 week low of $10.04 and a 52 week high of $32.83. The firm's 50 day moving average price is $23.25 and its 200-day moving average price is $17.63.

Hut 8 (NASDAQ:HUT - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.14) EPS for the quarter, topping analysts' consensus estimates of ($0.15) by $0.01. Hut 8 had a net margin of 112.81% and a return on equity of 8.73%. The business had revenue of $41.72 million during the quarter, compared to the consensus estimate of $49.10 million. As a group, equities analysts expect that Hut 8 Corp. will post -0.53 earnings per share 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.