Zweig DiMenna Associates LLC Sells 34,250 Shares of Hut 8 Corp. $HUT

Key Points

• Zweig DiMenna Associates LLC reduced its Hut 8 stake by 4.8% in the fourth quarter, selling 34,250 shares and ending with 672,750 shares valued at about $30.9 million.
• Hut 8 reported a larger-than-expected loss for its latest quarter, posting EPS of -$1.98 versus analysts’ expectations of -$0.33, even as revenue came in well above estimates at $139.31 million.
• Analyst sentiment remains mostly positive, with 17 Buy ratings and an average price target of $107.72, though some insiders and hedge funds have recently trimmed or adjusted their positions.

Zweig DiMenna Associates LLC trimmed its holdings in Hut 8 Corp. (NASDAQ:HUT - Free Report) by 4.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 672,750 shares of the company's stock after selling 34,250 shares during the quarter. Hut 8 accounts for about 1.9% of Zweig DiMenna Associates LLC's holdings, making the stock its 13th biggest holding. Zweig DiMenna Associates LLC owned approximately 0.62% of Hut 8 worth $30,906,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. GAMMA Investing LLC bought a new stake in shares of Hut 8 in the 4th quarter worth approximately $30,000. Russell Investments Group Ltd. lifted its holdings in shares of Hut 8 by 235.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company's stock worth $46,000 after acquiring an additional 1,719 shares during the last quarter. Activest Wealth Management bought a new stake in shares of Hut 8 in the 4th quarter worth approximately $49,000. Danske Bank A S bought a new stake in shares of Hut 8 in the 4th quarter worth approximately $51,000. Finally, CWM LLC lifted its holdings in shares of Hut 8 by 37.4% in the 4th quarter. CWM LLC now owns 1,106 shares of the company's stock worth $51,000 after acquiring an additional 301 shares during the last quarter. 31.75% of the stock is currently owned by institutional investors.

Hut 8 Stock Up 0.5%

Shares of NASDAQ HUT opened at $124.83 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.12. Hut 8 Corp. has a 52 week low of $14.74 and a 52 week high of $126.65. The firm's fifty day moving average is $78.59 and its 200 day moving average is $59.87. The company has a market cap of $14.05 billion, a price-to-earnings ratio of -41.61 and a beta of 4.48.

Hut 8 (NASDAQ:HUT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($1.98) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.33) by ($1.65). The company had revenue of $139.31 million for the quarter, compared to analysts' expectations of $78.53 million. Hut 8 had a negative net margin of 109.77% and a negative return on equity of 0.35%. On average, equities research analysts expect that Hut 8 Corp. will post -1.29 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Arete Research assumed coverage on shares of Hut 8 in a report on Monday, March 23rd. They issued a "buy" rating and a $136.00 price objective for the company. Cantor Fitzgerald lifted their target price on shares of Hut 8 from $68.00 to $80.00 and gave the stock an "overweight" rating in a research note on Thursday, April 9th. Needham & Company LLC lifted their target price on shares of Hut 8 from $88.00 to $128.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. Weiss Ratings downgraded shares of Hut 8 from a "sell (d+)" rating to a "sell (d-)" rating in a research note on Thursday, May 7th. Finally, Citigroup reaffirmed an "outperform" rating on shares of Hut 8 in a research note on Tuesday, April 28th. Seventeen equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $107.72.

Insider Activity at Hut 8

In other Hut 8 news, CFO Sean Joseph Glennan sold 4,625 shares of the business's stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $49.05, for a total transaction of $226,856.25. Following the transaction, the chief financial officer directly owned 12,068 shares of the company's stock, valued at approximately $591,935.40. The trade was a 27.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Rick Rickertsen sold 17,491 shares of the business's stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $110.00, for a total transaction of $1,924,010.00. Following the transaction, the director directly owned 17,491 shares in the company, valued at approximately $1,924,010. The trade was a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 74,628 shares of company stock valued at $6,976,321 in the last 90 days. 10.40% of the stock is owned by company insiders.

Hut 8 Company Profile

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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