Rhumbline Advisers Cuts Position in Hut 8 Corp. $HUT

Rhumbline Advisers reduced its position in Hut 8 Corp. (NASDAQ:HUT) by 4.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 122,603 shares of the company’s stock after selling 5,748 shares during the period. Rhumbline Advisers owned approximately 0.12% of Hut 8 worth $1,425,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of HUT. Massachusetts Financial Services Co. MA raised its holdings 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 valued at $14,957,000 after buying an additional 829,484 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Hut 8 by 74.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,104,612 shares of the company’s stock worth $12,835,000 after buying an additional 471,355 shares during the period. Yaupon Capital Management LP acquired a new stake in shares of Hut 8 in the first quarter worth $3,196,000. Edgestream Partners L.P. purchased a new position in shares of Hut 8 in the 1st quarter valued at $3,042,000. Finally, Nuveen LLC acquired a new position in shares of Hut 8 during the 1st quarter valued at $2,508,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

Hut 8 Price Performance

Shares of HUT opened at $36.24 on Friday. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 0.19. The business’s 50 day moving average is $24.71 and its two-hundred day moving average is $18.36. Hut 8 Corp. has a 52-week low of $10.04 and a 52-week high of $39.47.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings results 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 business had revenue of $41.72 million during the quarter, compared to analyst estimates of $49.10 million. Hut 8 had a net margin of 112.81% and a return on equity of 8.73%. As a group, equities research analysts predict that Hut 8 Corp. will post -0.53 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Sean Joseph Glennan sold 6,060 shares of Hut 8 stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $22.09, for a total value of $133,865.40. Following the completion of the transaction, the chief financial officer directly owned 6,295 shares in the company, valued at approximately $139,056.55. This trade represents a 49.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joseph Flinn sold 8,500 shares of the business’s stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $26.55, for a total value of $225,675.00. Following the completion of the sale, the director directly owned 9,791 shares of the company’s stock, valued at approximately $259,951.05. This represents a 46.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 27,129 shares of company stock valued at $574,044 in the last three months. Insiders own 11.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on HUT shares. Rosenblatt Securities decreased 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 report on Monday, August 11th. Roth Capital restated a “buy” rating and set a $60.00 price objective (up previously from $31.00) on shares of Hut 8 in a research note on Monday, September 15th. BTIG Research increased their target price on Hut 8 from $25.00 to $33.00 and gave the company a “buy” rating in a research note on Tuesday, September 9th. Maxim Group raised their target price on Hut 8 from $23.00 to $30.00 and gave the company a “buy” rating in a report on Monday, August 11th. Finally, Northland Securities set a $26.00 price target on Hut 8 in a research report on Friday, July 11th. Three analysts have rated the stock with a Strong Buy rating and sixteen have given a Buy rating to the company’s stock. According to MarketBeat, Hut 8 currently has a consensus rating of “Buy” and an average price target of $29.88.

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.