Empyrean Capital Partners LP Decreases Stake in Hut 8 Corp. (NASDAQ:HUT)

Empyrean Capital Partners LP reduced its position in Hut 8 Corp. (NASDAQ:HUT - Free Report) by 57.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 200,000 shares of the company's stock after selling 267,000 shares during the period. Empyrean Capital Partners LP owned 0.21% of Hut 8 worth $4,098,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of HUT. Jericho Capital Asset Management L.P. acquired a new position in shares of Hut 8 in the 4th quarter valued at $37,400,000. D. E. Shaw & Co. Inc. purchased a new stake in shares of Hut 8 during the fourth quarter worth $27,115,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Hut 8 during the fourth quarter worth $23,009,000. Invesco Ltd. grew its holdings in shares of Hut 8 by 1,408.8% during the fourth quarter. Invesco Ltd. now owns 936,650 shares of the company's stock worth $19,192,000 after buying an additional 874,572 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA purchased a new stake in shares of Hut 8 during the fourth quarter worth $9,378,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Hut 8

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 owns 15,738 shares of the company's stock, valued at $203,807.10. This represents a 41.93% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 12.00% of the stock is owned by insiders.

Hut 8 Stock Performance

Shares of NASDAQ HUT traded down $0.28 during trading on Friday, hitting $13.89. 8,227,947 shares of the company were exchanged, compared to its average volume of 5,569,635. Hut 8 Corp. has a 1 year low of $7.67 and a 1 year high of $31.95. The firm's fifty day moving average price is $12.49 and its 200 day moving average price is $18.96. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00.

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

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on HUT. Cantor Fitzgerald reissued an "overweight" rating and set a $30.00 price target on shares of Hut 8 in a research report on Friday, March 7th. Maxim Group began 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 for the company. Northland Capmk raised shares of Hut 8 to a "strong-buy" rating in a report on Monday, April 21st. Needham & Company LLC reissued a "buy" rating and set a $21.00 price objective on shares of Hut 8 in a report on Friday. Finally, BTIG Research began coverage on shares of Hut 8 in a report on Monday, April 14th. They set a "buy" rating and a $18.00 price objective on the stock. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $26.00.

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.