Invesco Ltd. Has $10.96 Million Position in Hut 8 Corp. $HUT

Invesco Ltd. raised its stake in Hut 8 Corp. (NASDAQ:HUT) by 0.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 943,546 shares of the company’s stock after purchasing an additional 6,896 shares during the period. Invesco Ltd. owned 0.91% of Hut 8 worth $10,964,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of HUT. Jericho Capital Asset Management L.P. acquired a new position in shares of Hut 8 in the fourth quarter valued at $37,400,000. D. E. Shaw & Co. Inc. acquired a new position in shares of Hut 8 in the fourth quarter valued at $27,115,000. Voloridge Investment Management LLC acquired a new position in shares of Hut 8 in the fourth quarter valued at $24,170,000. Massachusetts Financial Services Co. MA increased its holdings in shares of Hut 8 by 181.2% in the first quarter. Massachusetts Financial Services Co. MA now owns 1,287,163 shares of the company’s stock valued at $14,957,000 after purchasing an additional 829,484 shares during the last quarter. Finally, Two Seas Capital LP increased its holdings in shares of Hut 8 by 132.7% in the fourth quarter. Two Seas Capital LP now owns 476,808 shares of the company’s stock valued at $9,770,000 after purchasing an additional 271,892 shares during the last quarter. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Roth Capital assumed coverage on shares of Hut 8 in a research note on Friday, June 6th. They issued a “buy” rating and a $25.00 price target on the stock. HC Wainwright restated a “buy” rating and issued a $25.00 price target on shares of Hut 8 in a research note on Friday, May 9th. B. Riley assumed coverage on shares of Hut 8 in a research note on Wednesday, May 14th. They issued a “buy” rating and a $25.00 price target on the stock. Needham & Company LLC restated a “buy” rating and issued a $21.00 price target on shares of Hut 8 in a research note on Friday, May 9th. Finally, JMP Securities assumed coverage on shares of Hut 8 in a research note on Thursday, May 22nd. They issued a “market outperform” rating and a $25.00 price target on the stock. Four investment analysts have rated the stock with a Strong Buy rating and fifteen have given a Buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $26.94.

Hut 8 Stock Up 9.4%

Shares of Hut 8 stock opened at $23.37 on Friday. The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 0.19. Hut 8 Corp. has a 12-month low of $8.73 and a 12-month high of $31.95. The firm’s 50-day moving average price is $20.51 and its two-hundred day moving average price is $16.77.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.01. The firm had revenue of $41.72 million for the quarter, compared to the consensus estimate of $49.10 million. Hut 8 had a net margin of 112.81% and a return on equity of 8.73%. As a group, sell-side analysts predict that Hut 8 Corp. will post -0.53 earnings per share for the current year.

Insider Transactions at Hut 8

In other Hut 8 news, Director Joseph Flinn sold 11,069 shares of the stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $15.77, for a total transaction of $174,558.13. Following the sale, the director directly owned 19,791 shares in the company, valued at $312,104.07. This represents a 35.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 11.20% of the stock is owned by insiders.

Hut 8 Company 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.