Moore Capital Management LP reduced its stake in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) by 38.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,081,020 shares of the company's stock after selling 666,594 shares during the period. Moore Capital Management LP owned about 1.16% of Hut 8 worth $22,150,000 at the end of the most recent quarter.
Several other hedge funds also recently added to or reduced their stakes in HUT. FORA Capital LLC acquired a new stake in shares of Hut 8 in the 4th quarter valued at about $1,503,000. Deutsche Bank AG increased its holdings in Hut 8 by 46.8% in the fourth quarter. Deutsche Bank AG now owns 71,375 shares of the company's stock valued at $1,462,000 after buying an additional 22,746 shares during the last quarter. D. E. Shaw & Co. Inc. acquired a new stake in Hut 8 during the fourth quarter valued at approximately $27,115,000. Diameter Capital Partners LP bought a new position in Hut 8 during the 4th quarter worth approximately $2,664,000. Finally, Balyasny Asset Management L.P. grew its position in shares of Hut 8 by 354.1% in the 4th quarter. Balyasny Asset Management L.P. now owns 63,317 shares of the company's stock worth $1,297,000 after acquiring an additional 49,374 shares in the last quarter. 31.75% of the stock is owned by institutional investors and hedge funds.
Hut 8 Trading Down 2.2%
Shares of NASDAQ:HUT traded down $0.37 on Wednesday, hitting $16.13. The company's stock had a trading volume of 7,606,312 shares, compared to its average volume of 5,643,023. Hut 8 Corp. has a 12 month low of $8.09 and a 12 month high of $31.95. The stock's 50-day moving average is $12.56 and its two-hundred day moving average is $18.95. 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 (NASDAQ:HUT - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.06). The business had revenue of $20.88 million for the quarter, compared to analysts' expectations of $33.68 million. Equities research analysts forecast that Hut 8 Corp. will post -0.53 earnings per share for the current year.
Insider Activity
In other 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 value of $147,150.85. Following the completion of the sale, the insider now owns 15,738 shares in the company, valued at $203,807.10. This represents a 41.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 12.00% of the company's stock.
Analysts Set New Price Targets
Several equities research analysts recently issued reports on the company. 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. Rosenblatt Securities initiated coverage on shares of Hut 8 in a research report on Friday, March 7th. They issued a "buy" rating and a $23.00 price target on the stock. BTIG Research started coverage on shares of Hut 8 in a research report on Monday, April 14th. They set a "buy" rating and a $18.00 price objective for the company. Northland Capmk raised shares of Hut 8 to a "strong-buy" rating in a report on Monday, April 21st. Finally, Maxim Group began coverage on Hut 8 in a research note on Thursday, May 1st. They issued a "buy" rating and a $20.00 target price for the company. Fourteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Hut 8 has an average rating of "Buy" and an average target price of $25.93.
Get Our Latest Report on HUT
Hut 8 Profile
(
Free Report)
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.
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