Swiss National Bank Increases Position in Hut 8 Corp. $HUT

Swiss National Bank increased its stake in Hut 8 Corp. (NASDAQ:HUT) by 1.4% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 163,440 shares of the company’s stock after acquiring an additional 2,200 shares during the period. Swiss National Bank owned about 0.16% of Hut 8 worth $1,899,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in HUT. Jericho Capital Asset Management L.P. purchased a new position in Hut 8 in the fourth quarter worth $37,400,000. D. E. Shaw & Co. Inc. purchased a new position in Hut 8 in the fourth quarter worth $27,115,000. Voloridge Investment Management LLC bought a new stake in Hut 8 in the fourth quarter worth $24,170,000. Massachusetts Financial Services Co. MA lifted its stake in 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 worth $14,957,000 after purchasing an additional 829,484 shares during the last quarter. Finally, Two Seas Capital LP lifted its stake in Hut 8 by 132.7% in the fourth quarter. Two Seas Capital LP now owns 476,808 shares of the company’s stock worth $9,770,000 after purchasing an additional 271,892 shares during the last quarter. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Hut 8

In related 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 value of $174,558.13. Following the completion of the transaction, the director directly owned 19,791 shares of the company’s stock, valued at $312,104.07. This represents a 35.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 11.20% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. 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 for the company. Rosenblatt Securities lowered their price target on shares of Hut 8 from $24.00 to $23.00 and set a “buy” rating for the company in a research note on Monday, August 11th. 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 for the company. Citizens Jmp raised shares of Hut 8 to a “strong-buy” rating and set a $25.00 price target for the company in a research note on Thursday, May 22nd. Finally, Maxim Group boosted their price target on shares of Hut 8 from $23.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, August 11th. Four investment analysts have rated the stock with a Strong Buy rating and fifteen have issued a Buy rating to the company’s stock. Based on data from MarketBeat, Hut 8 currently has a consensus rating of “Buy” and a consensus price target of $26.94.

Hut 8 Stock Up 9.4%

Shares of NASDAQ:HUT opened at $23.37 on Friday. The company has a 50-day moving average price of $20.51 and a 200-day moving average price of $16.77. The company has a quick ratio of 1.81, a current 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.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.01. The firm had revenue of $41.72 million during 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%. Equities research analysts expect that Hut 8 Corp. will post -0.53 earnings per share for the current year.

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.