First Trust Advisors LP Has $288,000 Stock Position in Hut 8 Corp. (NASDAQ:HUT)

First Trust Advisors LP lessened its stake in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) by 78.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,064 shares of the company's stock after selling 52,594 shares during the quarter. First Trust Advisors LP's holdings in Hut 8 were worth $288,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of HUT. R Squared Ltd bought a new position in shares of Hut 8 during the fourth quarter worth about $26,000. Nisa Investment Advisors LLC boosted its stake in shares of Hut 8 by 77.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company's stock worth $26,000 after buying an additional 545 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Hut 8 by 832.4% in the fourth quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company's stock valued at $42,000 after purchasing an additional 1,823 shares during the period. Principal Securities Inc. purchased a new stake in shares of Hut 8 during the 4th quarter worth about $45,000. Finally, Sterling Capital Management LLC lifted its position in shares of Hut 8 by 825.0% during the 4th quarter. Sterling Capital Management LLC now owns 2,553 shares of the company's stock worth $52,000 after purchasing an additional 2,277 shares during the last quarter. Institutional investors and hedge funds own 31.75% of the company's stock.

Insider Transactions at Hut 8

In other Hut 8 news, insider Victor Semah sold 11,363 shares of the company's stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $12.95, for a total value of $147,150.85. Following the completion of the transaction, the insider now owns 15,738 shares in the company, valued at $203,807.10. This represents a 41.93% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 12.00% of the company's stock.

Analysts Set New Price Targets

Several research analysts have weighed in on HUT shares. Rosenblatt Securities started coverage on shares of Hut 8 in a report on Friday, March 7th. They set a "buy" rating and a $23.00 price objective for the company. Canaccord Genuity Group reissued a "buy" rating and issued a $32.00 price target on shares of Hut 8 in a report on Monday. Maxim Group started coverage on shares of Hut 8 in a research report on Thursday, May 1st. They set a "buy" rating and a $20.00 price target for the company. UBS Group set a $33.00 price target on shares of Hut 8 in a report on Wednesday, April 2nd. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $30.00 price objective on shares of Hut 8 in a report on Friday, March 7th. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $26.00.

Hut 8 Trading Up 6.3%

HUT traded up $0.98 during trading on Tuesday, hitting $16.50. The company's stock had a trading volume of 9,617,397 shares, compared to its average volume of 5,625,437. The business's 50 day simple moving average is $12.50 and its 200-day simple moving average is $18.97. Hut 8 Corp. has a one year low of $7.67 and a one year high of $31.95. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35.

Hut 8 (NASDAQ:HUT - Get Free Report) last issued 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 firm had revenue of $20.88 million for the quarter, compared to analysts' expectations of $33.68 million. On average, analysts predict that Hut 8 Corp. will post -0.53 earnings per share for the current year.

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.