Hut 8 Corp. (NASDAQ:HUT) Shares Acquired by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA raised its holdings in shares of Hut 8 Corp. (NASDAQ:HUT) by 181.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,287,163 shares of the company’s stock after purchasing an additional 829,484 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Hut 8 were worth $14,957,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Hut 8 by 3.9% in the fourth quarter. Vanguard Group Inc. now owns 6,459,385 shares of the company’s stock valued at $132,352,000 after purchasing an additional 245,113 shares during the last quarter. Jericho Capital Asset Management L.P. purchased a new stake in shares of Hut 8 during the 4th quarter worth about $37,400,000. BIT Capital GmbH lifted its stake in Hut 8 by 11.5% in the 4th quarter. BIT Capital GmbH now owns 1,818,456 shares of the company’s stock valued at $37,260,000 after buying an additional 187,773 shares in the last quarter. D. E. Shaw & Co. Inc. purchased a new position in Hut 8 in the 4th quarter valued at about $27,115,000. Finally, Voloridge Investment Management LLC purchased a new position in Hut 8 in the 4th quarter valued at about $24,170,000. 31.75% of the stock is owned by institutional investors and hedge funds.

Hut 8 Stock Down 2.3%

Shares of Hut 8 stock opened at $21.62 on Friday. Hut 8 Corp. has a 52-week low of $8.73 and a 52-week high of $31.95. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.27. The company’s 50-day simple moving average is $18.23 and its 200-day simple moving average is $17.19.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.18) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.06). The company had revenue of $20.88 million for the quarter, compared to analysts’ expectations of $33.68 million. Hut 8 had a positive return on equity of 13.00% and a negative net margin of 39.92%. Analysts predict that Hut 8 Corp. will post -0.53 earnings per share for the current year.

Wall Street Analysts Forecast Growth

HUT has been the subject of a number of recent research reports. BTIG Research initiated coverage on shares of Hut 8 in a report on Monday, April 14th. They issued a “buy” rating and a $18.00 price objective for the company. UBS Group set a $33.00 price objective on shares of Hut 8 in a report on Wednesday, April 2nd. B. Riley started coverage on shares of Hut 8 in a report on Wednesday, May 14th. They set a “buy” rating and a $25.00 price target for the company. Canaccord Genuity Group restated a “buy” rating and set a $32.00 price target on shares of Hut 8 in a report on Monday, May 12th. Finally, Citigroup started coverage on shares of Hut 8 in a report on Thursday, May 22nd. They set an “outperform” rating for the company. Fifteen research analysts have rated the stock with a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Hut 8 has a consensus rating of “Buy” and a consensus target price of $26.12.

Insider Activity

In related news, Director Joseph Flinn sold 11,069 shares of Hut 8 stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $15.77, for a total transaction of $174,558.13. Following the completion of the transaction, the director directly owned 19,791 shares in the company, valued at $312,104.07. The trade was a 35.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Victor Semah sold 11,363 shares of Hut 8 stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $12.95, for a total value of $147,150.85. Following the transaction, the insider owned 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 disclosure for this sale can be found here. 11.20% of the stock is owned by corporate 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.