Alight Capital Management LP Sells 90,000 Shares of Hut 8 Corp. (NASDAQ:HUT)

Alight Capital Management LP trimmed its holdings in Hut 8 Corp. (NASDAQ:HUT - Free Report) by 45.0% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 110,000 shares of the company's stock after selling 90,000 shares during the quarter. Alight Capital Management LP owned about 0.12% of Hut 8 worth $2,254,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. R Squared Ltd purchased a new position in Hut 8 during the fourth quarter worth $26,000. Nisa Investment Advisors LLC raised its holdings in Hut 8 by 77.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company's stock valued at $26,000 after buying an additional 545 shares during the period. Optiver Holding B.V. acquired a new stake in Hut 8 in the 4th quarter valued at $35,000. Russell Investments Group Ltd. raised its holdings in shares of Hut 8 by 832.4% during the 4th quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company's stock valued at $42,000 after buying an additional 1,823 shares during the period. Finally, Principal Securities Inc. acquired a new stake in Hut 8 during the 4th quarter valued at $45,000. 31.75% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on HUT shares. BTIG Research started coverage on Hut 8 in a research note on Monday, April 14th. They set a "buy" rating and a $18.00 price objective on the stock. HC Wainwright cut their target price on Hut 8 from $35.00 to $30.00 and set a "buy" rating on the stock in a research note on Tuesday, March 4th. Canaccord Genuity Group reiterated a "buy" rating and set a $32.00 price objective on shares of Hut 8 in a research note on Tuesday, March 4th. Maxim Group assumed coverage on shares of Hut 8 in a research note on Thursday, May 1st. They issued a "buy" rating and a $20.00 price objective on the stock. Finally, Northland Capmk raised Hut 8 to a "strong-buy" rating in a report on Monday, April 21st. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $27.08.

Insiders Place Their Bets

In other news, insider Victor Semah sold 11,363 shares of the company's stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $12.95, for a total transaction of $147,150.85. Following the completion of the transaction, the insider now directly owns 15,738 shares of the company's stock, valued at approximately $203,807.10. This represents a 41.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 12.00% of the stock is owned by corporate insiders.

Hut 8 Price Performance

Shares of HUT traded down $0.08 on Wednesday, reaching $12.68. 2,790,676 shares of the company's stock traded hands, compared to its average volume of 5,470,510. Hut 8 Corp. has a 52-week low of $7.67 and a 52-week high of $31.95. The stock's 50 day simple moving average is $12.53 and its two-hundred day simple moving average is $18.98. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00.

About Hut 8

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.