Panoramic Capital LLC bought a new stake in Hut 8 Corp. (NASDAQ:HUT - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 107,388 shares of the company's stock, valued at approximately $2,200,000. Hut 8 comprises about 1.2% of Panoramic Capital LLC's investment portfolio, making the stock its 22nd largest holding. Panoramic Capital LLC owned 0.11% of Hut 8 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC grew its stake in Hut 8 by 77.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company's stock valued at $26,000 after purchasing an additional 545 shares during the last quarter. R Squared Ltd purchased a new position in Hut 8 in the fourth quarter valued at about $26,000. Optiver Holding B.V. purchased a new position in Hut 8 in the fourth quarter valued at about $35,000. Russell Investments Group Ltd. grew its stake in 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 last quarter. Finally, Principal Securities Inc. purchased a new position in Hut 8 in the fourth quarter valued at about $45,000. Hedge funds and other institutional investors own 31.75% of the company's stock.
Hut 8 Price Performance
NASDAQ:HUT traded down $0.33 during trading hours on Monday, reaching $16.80. The company had a trading volume of 4,723,924 shares, compared to its average volume of 5,388,989. Hut 8 Corp. has a 1-year low of $8.53 and a 1-year high of $31.95. The business's 50 day moving average price is $12.80 and its 200-day moving average price 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 announced its quarterly earnings results 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 business had revenue of $20.88 million during the quarter, compared to the consensus estimate of $33.68 million. Analysts anticipate that Hut 8 Corp. will post -0.53 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently weighed in on the company. Canaccord Genuity Group restated a "buy" rating and set a $32.00 price target on shares of Hut 8 in a research note on Monday, May 12th. Rosenblatt Securities assumed coverage on Hut 8 in a research note on Friday, March 7th. They set a "buy" rating and a $23.00 price target on the stock. UBS Group set a $33.00 price target on Hut 8 in a research note on Wednesday, April 2nd. Cantor Fitzgerald restated an "overweight" rating and set a $30.00 price target on shares of Hut 8 in a research note on Friday, March 7th. Finally, HC Wainwright reiterated a "buy" rating and issued a $25.00 target price on shares of Hut 8 in a research report on Friday, May 9th. Thirteen equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Hut 8 currently has a consensus rating of "Buy" and a consensus target price of $25.93.
Get Our Latest Analysis on Hut 8
Insider Activity at Hut 8
In other Hut 8 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 directly owns 15,738 shares in the company, valued at $203,807.10. This represents a 41.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 11.20% of the stock is owned by corporate insiders.
About Hut 8
(
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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