FORA Capital LLC Purchases New Position in Hut 8 Corp. (NASDAQ:HUT)

FORA Capital LLC purchased a new stake in Hut 8 Corp. (NASDAQ:HUT - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 73,349 shares of the company's stock, valued at approximately $1,503,000. FORA Capital LLC owned approximately 0.08% of Hut 8 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. R Squared Ltd bought a new stake in shares of Hut 8 during the fourth quarter worth about $26,000. Nisa Investment Advisors LLC grew its holdings in shares of Hut 8 by 77.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company's stock worth $26,000 after purchasing an additional 545 shares during the last quarter. Optiver Holding B.V. bought a new stake in shares of Hut 8 during the fourth quarter worth about $35,000. Russell Investments Group Ltd. grew its holdings in shares of Hut 8 by 832.4% during the fourth quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company's stock worth $42,000 after purchasing an additional 1,823 shares during the last quarter. Finally, Principal Securities Inc. bought a new stake in shares of Hut 8 during the fourth quarter worth about $45,000. Institutional investors and hedge funds own 31.75% of the company's stock.

Wall Street Analysts Forecast Growth

HUT has been the topic of a number of recent analyst reports. Benchmark cut their price objective on Hut 8 from $41.00 to $33.00 and set a "buy" rating on the stock in a research note on Wednesday, April 2nd. Northland Securities initiated coverage on Hut 8 in a research note on Monday, April 21st. They issued an "outperform" rating and a $20.00 price objective on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $30.00 price objective on shares of Hut 8 in a research note on Friday, March 7th. HC Wainwright reaffirmed a "buy" rating and issued a $25.00 price objective on shares of Hut 8 in a research note on Friday. Finally, Rosenblatt Securities initiated coverage on Hut 8 in a research note on Friday, March 7th. They issued a "buy" rating and a $23.00 price objective on the stock. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $26.00.

Hut 8 Stock Down 2.0%

Shares of NASDAQ HUT traded down $0.28 during mid-day trading on Friday, hitting $13.89. 8,227,947 shares of the stock traded hands, compared to its average volume of 5,569,635. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. Hut 8 Corp. has a 52 week low of $7.67 and a 52 week high of $31.95. The stock has a fifty day moving average price of $12.49 and a 200-day moving average price of $18.96.

Hut 8 (NASDAQ:HUT - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.06). The business had revenue of $20.88 million during the quarter, compared to analyst estimates of $33.68 million. As a group, research analysts forecast that Hut 8 Corp. will post -0.53 EPS for the current year.

Insider Transactions at Hut 8

In related news, insider Victor Semah sold 11,363 shares of the company's stock in a transaction on Monday, May 5th. The stock was sold at an average price of $12.95, for a total transaction of $147,150.85. Following the completion of the sale, the insider now owns 15,738 shares in the company, valued at approximately $203,807.10. This represents a 41.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 12.00% of the company's stock.

Hut 8 Company 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.