Toronto Dominion Bank Decreases Stake in Hut 8 Corp. (NASDAQ:HUT)

Toronto Dominion Bank trimmed its position in shares of Hut 8 Corp. (NASDAQ:HUT) by 43.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,000 shares of the company’s stock after selling 3,804 shares during the period. Toronto Dominion Bank’s holdings in Hut 8 were worth $75,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in HUT. D1 Capital Partners L.P. acquired a new position in shares of Hut 8 during the second quarter worth $17,388,000. Amalgamated Bank acquired a new position in shares of Hut 8 during the 2nd quarter worth about $42,000. Central Asset Investments & Management Holdings HK Ltd purchased a new position in shares of Hut 8 in the 2nd quarter valued at about $608,000. Dimensional Fund Advisors LP acquired a new stake in shares of Hut 8 during the 2nd quarter worth about $200,000. Finally, Headlands Technologies LLC lifted its stake in Hut 8 by 121.6% during the second quarter. Headlands Technologies LLC now owns 51,228 shares of the company’s stock worth $768,000 after purchasing an additional 28,109 shares during the last quarter. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Hut 8

In related news, Director Joseph Flinn sold 7,618 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $11.74, for a total value of $89,435.32. Following the completion of the sale, the director now owns 11,861 shares in the company, valued at $139,248.14. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Hut 8 news, Director Joseph Flinn sold 7,618 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $11.74, for a total value of $89,435.32. Following the completion of the sale, the director now owns 11,861 shares of the company’s stock, valued at $139,248.14. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Shenif Visram sold 20,239 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $13.38, for a total transaction of $270,797.82. Following the sale, the chief financial officer now owns 43,959 shares in the company, valued at $588,171.42. The disclosure for this sale can be found here. 12.00% of the stock is currently owned by insiders.

Hut 8 Price Performance

Shares of NASDAQ:HUT opened at $11.56 on Wednesday. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 0.43. Hut 8 Corp. has a one year low of $6.18 and a one year high of $21.10. The company has a 50-day simple moving average of $11.97 and a 200-day simple moving average of $11.31.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings data on Tuesday, August 13th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.11. The company had revenue of $35.22 million for the quarter, compared to analyst estimates of $38.00 million. As a group, equities research analysts forecast that Hut 8 Corp. will post -0.56 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Craig Hallum increased their price target on shares of Hut 8 from $12.00 to $14.00 and gave the company a “buy” rating in a research note on Friday, June 14th. Canaccord Genuity Group reiterated a “buy” rating and set a $22.00 price target on shares of Hut 8 in a research note on Wednesday, August 21st. HC Wainwright restated a “buy” rating and issued a $13.50 price objective on shares of Hut 8 in a research note on Friday, September 20th. Benchmark reiterated a “buy” rating and set a $17.00 target price on shares of Hut 8 in a research report on Wednesday, August 14th. Finally, Needham & Company LLC upped their target price on Hut 8 from $15.00 to $16.50 and gave the company a “buy” rating in a research report on Tuesday, September 24th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $16.33.

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.