Moore Capital Management LP Trims Position in Hut 8 Corp. (NASDAQ:HUT)

Moore Capital Management LP trimmed its holdings in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) by 38.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,081,020 shares of the company's stock after selling 666,594 shares during the quarter. Moore Capital Management LP owned approximately 1.16% of Hut 8 worth $22,150,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC boosted its position in shares of Hut 8 by 77.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company's stock worth $26,000 after purchasing an additional 545 shares during the period. R Squared Ltd purchased a new position in shares of Hut 8 in the fourth quarter worth $26,000. Optiver Holding B.V. purchased a new position in shares of Hut 8 in the fourth quarter worth $35,000. Russell Investments Group Ltd. lifted 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 worth $42,000 after buying an additional 1,823 shares in the last quarter. Finally, Principal Securities Inc. purchased a new position in shares of Hut 8 in the fourth quarter worth $45,000. 31.75% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

HUT has been the topic of several research analyst reports. HC Wainwright reissued a "buy" rating and issued a $25.00 target price on shares of Hut 8 in a report on Friday, May 9th. Northland Capmk raised shares of Hut 8 to a "strong-buy" rating in a research note on Monday, April 21st. Benchmark decreased their price target on shares of Hut 8 from $41.00 to $33.00 and set a "buy" rating on the stock in a research note on Wednesday, April 2nd. B. Riley began coverage on shares of Hut 8 in a research note on Wednesday. They set a "buy" rating and a $25.00 price target on the stock. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and set a $32.00 price target on shares of Hut 8 in a research note on Monday, May 12th. Thirteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Hut 8 currently has an average rating of "Buy" and an average price target of $25.93.

Hut 8 Stock Up 9.9%

Hut 8 stock traded up $1.55 during midday trading on Friday, hitting $17.13. 10,986,080 shares of the company's stock were exchanged, compared to its average volume of 5,680,232. 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 Corp. has a 12 month low of $8.53 and a 12 month high of $31.95. The firm has a 50-day moving average of $12.80 and a two-hundred day moving average of $18.92.

Hut 8 (NASDAQ:HUT - Get Free Report) last issued its 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 business had revenue of $20.88 million for the quarter, compared to the consensus estimate of $33.68 million. On average, equities research analysts forecast that Hut 8 Corp. will post -0.53 EPS for the current year.

Insider Buying and Selling at Hut 8

In related news, insider Victor Semah sold 11,363 shares of the stock in a transaction that occurred on Monday, May 5th. The shares were 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 directly owns 15,738 shares of the company's stock, valued at $203,807.10. This trade represents a 41.93% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 11.20% of the company's stock.

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.