Zweig DiMenna Associates LLC Lowers Position in Hut 8 Corp. $HUT

Key Points

• Zweig DiMenna Associates LLC cut its Hut 8 position by 78.4% in the first quarter, selling 527,103 shares and leaving it with 145,647 shares worth about $6.83 million.
• Insider selling was notable: Director Joseph Flinn and insider Victor Semah both sold shares in June, and insiders sold 112,724 shares worth $12.18 million over the last quarter.
• Analysts remain mostly bullish on Hut 8, with 17 Buy ratings and a consensus price target of $120.37, even as the company recently reported a wider-than-expected quarterly loss despite stronger revenue.

Zweig DiMenna Associates LLC trimmed its holdings in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) by 78.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 145,647 shares of the company's stock after selling 527,103 shares during the period. Zweig DiMenna Associates LLC owned about 0.13% of Hut 8 worth $6,832,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in HUT. GAMMA Investing LLC purchased a new stake in shares of Hut 8 in the 4th quarter worth approximately $30,000. Imprint Wealth LLC bought a new position in shares of Hut 8 during the fourth quarter valued at approximately $38,000. Russell Investments Group Ltd. increased its holdings in Hut 8 by 235.8% during the second quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company's stock valued at $46,000 after buying an additional 1,719 shares during the period. Harbor Investment Advisory LLC purchased a new position in Hut 8 during the first quarter valued at approximately $47,000. Finally, Activest Wealth Management purchased a new position in Hut 8 during the fourth quarter valued at approximately $49,000. Hedge funds and other institutional investors own 31.75% of the company's stock.

Insiders Place Their Bets

In other news, Director Joseph Flinn sold 7,719 shares of the firm's stock in a transaction on 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 sale, the director owned 10,519 shares of the company's stock, valued at $1,240,295.29. This trade represents a 42.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Victor Semah sold 10,000 shares of the business's stock in a transaction on 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 transaction, the insider owned 31,378 shares in the company, valued at approximately $3,922,250. This trade represents a 24.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 112,724 shares of company stock worth $12,184,340 over the last quarter. Company insiders own 10.40% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Needham & Company LLC upped their target price on Hut 8 from $88.00 to $128.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. Benchmark lifted their price target on Hut 8 from $85.00 to $165.00 and gave the company a "buy" rating in a report on Tuesday. B. Riley Financial boosted their price target on Hut 8 from $76.00 to $130.00 and gave the stock a "buy" rating in a research report on Wednesday, May 13th. Loop Capital set a $226.00 price objective on Hut 8 in a research note on Monday, June 22nd. Finally, Weiss Ratings downgraded Hut 8 from a "sell (d+)" rating to a "sell (d-)" rating in a research report on Thursday, May 7th. Seventeen equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $120.37.

Hut 8 Trading Down 0.8%

NASDAQ:HUT opened at $98.33 on Wednesday. Hut 8 Corp. has a 52 week low of $18.68 and a 52 week high of $140.80. The firm has a 50 day moving average of $111.68 and a 200 day moving average of $76.40. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $11.07 billion, a price-to-earnings ratio of -32.78 and a beta of 4.62.

Hut 8 (NASDAQ:HUT - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported ($1.98) earnings per share for the quarter, missing the consensus estimate of ($0.33) by ($1.65). The firm had revenue of $139.31 million during the quarter, compared to analyst estimates of $78.53 million. Hut 8 had a negative net margin of 109.77% and a negative return on equity of 0.35%. As a group, sell-side analysts anticipate that Hut 8 Corp. will post -1.29 earnings per share for the current fiscal year.

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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