Rhumbline Advisers Trims Stock Holdings in Hut 8 Corp. (NASDAQ:HUT)

Rhumbline Advisers decreased its position in Hut 8 Corp. (NASDAQ:HUT) by 4.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 122,603 shares of the company’s stock after selling 5,748 shares during the period. Rhumbline Advisers owned approximately 0.13% of Hut 8 worth $1,425,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Hut 8 by 3.9% during 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 last quarter. Northern Trust Corp raised its stake in shares of Hut 8 by 4.1% during the 4th quarter. Northern Trust Corp now owns 717,575 shares of the company’s stock valued at $14,703,000 after buying an additional 28,462 shares during the last quarter. ExodusPoint Capital Management LP purchased a new position in shares of Hut 8 during the 4th quarter valued at about $1,180,000. Jericho Capital Asset Management L.P. purchased a new position in shares of Hut 8 during the 4th quarter valued at about $37,400,000. Finally, JPMorgan Chase & Co. raised its stake in shares of Hut 8 by 23.1% during the 4th quarter. JPMorgan Chase & Co. now owns 322,927 shares of the company’s stock valued at $6,617,000 after buying an additional 60,542 shares during the last quarter. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Insider Transactions at Hut 8

In other news, insider Victor Semah sold 11,363 shares of the company’s stock in a transaction on Monday, May 5th. The shares were sold at an average price of $12.95, for a total transaction of $147,150.85. Following the completion of the sale, the insider now owns 15,738 shares of the company’s stock, valued at $203,807.10. This represents a 41.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 11.20% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on HUT. Benchmark reduced their price objective on Hut 8 from $41.00 to $33.00 and set a “buy” rating for the company in a research note on Wednesday, April 2nd. Northland Capmk upgraded Hut 8 to a “strong-buy” rating in a research note on Monday, April 21st. Citigroup began coverage on Hut 8 in a research note on Thursday, May 22nd. They set an “outperform” rating for the company. Citizens Jmp upgraded Hut 8 to a “strong-buy” rating and set a $25.00 price objective for the company in a research note on Thursday, May 22nd. Finally, BTIG Research started coverage on Hut 8 in a research note on Monday, April 14th. They issued a “buy” rating and a $18.00 price target for the company. Fifteen investment analysts have rated the stock with a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $25.76.

Hut 8 Trading Up 0.2%

Shares of NASDAQ HUT opened at $17.03 on Thursday. The firm has a fifty day moving average of $14.91 and a 200 day moving average of $18.03. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.26 and a quick ratio of 1.26. Hut 8 Corp. has a one year low of $8.73 and a one year high of $31.95.

Hut 8 (NASDAQ:HUT) last issued its quarterly 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). Hut 8 had a positive return on equity of 13.00% and a negative net margin of 39.92%. The company had revenue of $20.88 million during the quarter, compared to analysts’ expectations of $33.68 million. As a group, analysts forecast 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.