Dimensional Fund Advisors LP Lowers Holdings in Hut 8 Corp. (NASDAQ:HUT)

Dimensional Fund Advisors LP trimmed its holdings in Hut 8 Corp. (NASDAQ:HUT) by 4.6% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 12,762 shares of the company’s stock after selling 611 shares during the period. Dimensional Fund Advisors LP’s holdings in Hut 8 were worth $261,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in HUT. Vanguard Group Inc. raised its holdings in shares of Hut 8 by 3.9% in the 4th quarter. Vanguard Group Inc. now owns 6,459,385 shares of the company’s stock valued at $132,352,000 after buying an additional 245,113 shares during the period. ExodusPoint Capital Management LP acquired a new position in Hut 8 in the 4th quarter valued at about $1,180,000. JPMorgan Chase & Co. increased its stake in Hut 8 by 23.1% during the fourth quarter. JPMorgan Chase & Co. now owns 322,927 shares of the company’s stock worth $6,617,000 after purchasing an additional 60,542 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Hut 8 by 9.4% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 891,830 shares of the company’s stock worth $18,242,000 after purchasing an additional 76,299 shares in the last quarter. Finally, Marshall Wace LLP purchased a new position in shares of Hut 8 in the fourth quarter valued at approximately $622,000. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

HUT has been the topic of several recent research reports. Northland Capmk raised shares of Hut 8 to a “strong-buy” rating in a research note on Monday, April 21st. Rosenblatt Securities started coverage on Hut 8 in a research report on Friday, March 7th. They set a “buy” rating and a $23.00 price objective on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 target price on shares of Hut 8 in a report on Friday, March 7th. B. Riley assumed coverage on Hut 8 in a research note on Wednesday. They set a “buy” rating and a $25.00 target price for the company. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $32.00 target price 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 issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $25.93.

Insider Activity at Hut 8

In other Hut 8 news, insider Victor Semah sold 11,363 shares of Hut 8 stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $12.95, for a total transaction of $147,150.85. Following the transaction, the insider now owns 15,738 shares of the company’s stock, valued at $203,807.10. The trade was a 41.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 11.20% of the stock is owned by corporate insiders.

Hut 8 Stock Performance

HUT stock opened at $17.13 on Friday. Hut 8 Corp. has a fifty-two week low of $8.53 and a fifty-two week high of $31.95. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. The business has a 50 day moving average price of $12.80 and a 200 day moving average price of $18.92.

Hut 8 (NASDAQ:HUT) 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 firm had revenue of $20.88 million for the quarter, compared to analyst estimates of $33.68 million. As a group, research analysts predict that Hut 8 Corp. will post -0.53 EPS for the current fiscal year.

About Hut 8

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.