Dynamic Technology Lab Private Ltd Acquires New Holdings in Hut 8 Corp. $HUT

Dynamic Technology Lab Private Ltd bought a new stake in Hut 8 Corp. (NASDAQ:HUT) during the second quarter, Holdings Channel.com reports. The institutional investor bought 34,641 shares of the company’s stock, valued at approximately $644,000.

A number of other institutional investors have also made changes to their positions in HUT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Hut 8 by 74.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,104,612 shares of the company’s stock valued at $12,835,000 after acquiring an additional 471,355 shares during the period. Geode Capital Management LLC lifted its stake in Hut 8 by 13.7% during the 2nd quarter. Geode Capital Management LLC now owns 2,563,091 shares of the company’s stock worth $47,679,000 after acquiring an additional 309,113 shares in the last quarter. Yaupon Capital Management LP acquired a new position in Hut 8 in the 1st quarter valued at about $3,196,000. Nuveen LLC purchased a new stake in Hut 8 during the first quarter worth about $2,508,000. Finally, Paloma Partners Management Co acquired a new stake in shares of Hut 8 during the first quarter worth about $2,363,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Hut 8 Trading Up 1.7%

Shares of HUT stock opened at $34.34 on Friday. The business’s fifty day moving average price is $42.28 and its 200 day moving average price is $28.05. The firm has a market capitalization of $3.71 billion, a PE ratio of -88.05 and a beta of 4.40. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.72 and a quick ratio of 0.72. Hut 8 Corp. has a 1-year low of $10.04 and a 1-year high of $57.29.

Hut 8 (NASDAQ:HUT) last issued its earnings results on Tuesday, November 4th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.09. Hut 8 had a net margin of 115.39% and a return on equity of 8.06%. The company had revenue of $80.72 million for the quarter, compared to analyst estimates of $64.70 million. As a group, sell-side analysts forecast that Hut 8 Corp. will post -0.53 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on HUT shares. Citigroup reissued an “outperform” rating on shares of Hut 8 in a research note on Tuesday, October 21st. Maxim Group raised their price target on shares of Hut 8 from $23.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, August 11th. Rosenblatt Securities reissued a “buy” rating and set a $65.00 price objective on shares of Hut 8 in a research report on Wednesday, November 5th. Weiss Ratings reissued a “hold (c-)” rating on shares of Hut 8 in a report on Thursday. Finally, Wall Street Zen upgraded shares of Hut 8 from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $48.80.

Insider Activity

In other Hut 8 news, CFO Sean Joseph Glennan sold 6,060 shares of the stock in a transaction dated Monday, August 25th. The shares were 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 of the company’s stock, valued at approximately $139,056.55. This trade represents a 49.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Joseph Flinn sold 8,500 shares of Hut 8 stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $26.55, for a total transaction of $225,675.00. Following the sale, the director owned 9,791 shares of the company’s stock, valued at approximately $259,951.05. The trade was a 46.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 16,060 shares of company stock worth $399,485 over the last 90 days. 11.20% of the stock is currently owned by company insiders.

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.