Edgestream Partners L.P. Increases Stock Position in Hut 8 Corp. $HUT

Edgestream Partners L.P. increased its position in shares of Hut 8 Corp. (NASDAQ:HUT) by 12.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 294,605 shares of the company’s stock after purchasing an additional 32,784 shares during the quarter. Edgestream Partners L.P. owned approximately 0.28% of Hut 8 worth $5,480,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Baird Financial Group Inc. bought a new position in shares of Hut 8 in the first quarter valued at approximately $360,000. Zweig DiMenna Associates LLC purchased a new position in Hut 8 in the second quarter worth $3,688,000. Nuveen LLC bought a new position in Hut 8 in the 1st quarter valued at $2,508,000. Tobam boosted its holdings in shares of Hut 8 by 48.9% in the 2nd quarter. Tobam now owns 34,945 shares of the company’s stock worth $650,000 after buying an additional 11,482 shares during the last quarter. Finally, Banco Bilbao Vizcaya Argentaria S.A. grew its position in Hut 8 by 256.6% during the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 51,621 shares of the company’s stock valued at $601,000 after buying an additional 37,147 shares during the period. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Hut 8 Stock Down 13.5%

Hut 8 stock opened at $37.68 on Wednesday. The firm has a 50 day simple moving average of $43.01 and a 200 day simple moving average of $29.44. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.14. Hut 8 Corp. has a 1-year low of $10.04 and a 1-year high of $57.29. The firm has a market capitalization of $4.07 billion, a price-to-earnings ratio of -96.62 and a beta of 4.41.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings results on Tuesday, November 4th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.09. The firm had revenue of $80.72 million during the quarter, compared to analyst estimates of $64.70 million. Hut 8 had a return on equity of 8.06% and a net margin of 115.39%. On average, analysts predict that Hut 8 Corp. will post -0.53 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have commented on HUT shares. Maxim Group lifted their price objective on shares of Hut 8 from $23.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, August 11th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Hut 8 in a report on Wednesday, November 26th. BTIG Research reiterated a “buy” rating and issued a $55.00 price objective on shares of Hut 8 in a research note on Thursday, November 6th. Wall Street Zen raised Hut 8 from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Finally, Citigroup restated an “outperform” rating on shares of Hut 8 in a research note on Tuesday, October 21st. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $48.80.

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.