Northern Trust Corp Acquires 28,462 Shares of Hut 8 Corp. (NASDAQ:HUT)

Northern Trust Corp lifted its stake in Hut 8 Corp. (NASDAQ:HUT - Free Report) by 4.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 717,575 shares of the company's stock after acquiring an additional 28,462 shares during the period. Northern Trust Corp owned approximately 0.77% of Hut 8 worth $14,703,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. R Squared Ltd acquired a new stake in shares of Hut 8 in the 4th quarter valued at $26,000. Nisa Investment Advisors LLC grew its position in shares of Hut 8 by 77.9% during 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 period. Optiver Holding B.V. acquired a new position in shares of Hut 8 in the 4th quarter valued at approximately $35,000. Russell Investments Group Ltd. lifted its stake in Hut 8 by 832.4% in the 4th quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company's stock valued at $42,000 after acquiring an additional 1,823 shares in the last quarter. Finally, Principal Securities Inc. bought a new stake in Hut 8 in the 4th quarter valued at approximately $45,000. Institutional investors and hedge funds own 31.75% of the company's stock.

Hut 8 Trading Up 0.3%

Shares of HUT traded up $0.05 during midday trading on Wednesday, reaching $16.88. 1,030,699 shares of the stock were exchanged, compared to its average volume of 5,704,018. Hut 8 Corp. has a twelve month low of $8.53 and a twelve month 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. The stock's 50 day simple moving average is $13.01 and its 200 day simple moving average is $18.94.

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

Insider Buying and Selling

In related news, insider Victor Semah sold 11,363 shares of the firm's stock in a transaction 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 transaction, the insider now owns 15,738 shares in the company, valued at approximately $203,807.10. This trade represents a 41.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 11.20% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on HUT shares. Cantor Fitzgerald restated an "overweight" rating and issued a $30.00 target price on shares of Hut 8 in a research note on Friday, March 7th. Rosenblatt Securities initiated coverage on Hut 8 in a research note on Friday, March 7th. They issued a "buy" rating and a $23.00 target price on the stock. BTIG Research initiated 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 reiterated a "buy" rating and set a $25.00 price objective on shares of Hut 8 in a research note on Friday, May 9th. Finally, Benchmark lowered their target price on shares of Hut 8 from $41.00 to $33.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. Thirteen research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $25.93.

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.