Man Group plc Buys Shares of 65,469 Hut 8 Corp. $HUT

Man Group plc purchased a new position in shares of Hut 8 Corp. (NASDAQ:HUT) in the second quarter, Holdings Channel reports. The fund purchased 65,469 shares of the company’s stock, valued at approximately $7,558,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Canada Pension Plan Investment Board acquired a new stake in shares of Hut 8 in the 2nd quarter worth approximately $45,301,000. Dimensional Fund Advisors LP increased its stake in shares of Hut 8 by 11.1% during the first quarter. Dimensional Fund Advisors LP now owns 207,619 shares of the company’s stock valued at $9,717,000 after acquiring an additional 20,813 shares during the period. Northwestern Mutual Wealth Management Co. raised its holdings in Hut 8 by 4,669,387.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company’s stock worth $186,629,000 after purchasing an additional 4,062,367 shares in the last quarter. Handelsbanken Fonder AB bought a new stake in Hut 8 during the fourth quarter worth approximately $1,153,000. Finally, Dayah Capital LLC lifted its position in Hut 8 by 12.6% in the first quarter. Dayah Capital LLC now owns 217,920 shares of the company’s stock worth $10,223,000 after purchasing an additional 24,456 shares during the period. Institutional investors own 31.75% of the company’s stock.

Insider Buying and Selling

In other news, CFO Sean Joseph Glennan sold 6,445 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $78.76, for a total transaction of $507,608.20. Following the sale, the chief financial officer owned 17,978 shares in the company, valued at $1,415,947.28. The trade was a 26.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Victor Semah sold 10,000 shares of the business’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $125.00, for a total transaction of $1,250,000.00. Following the sale, the insider directly owned 31,378 shares in the company, valued at approximately $3,922,250. This trade represents a 24.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 54,664 shares of company stock worth $6,212,160 in the last three months. 10.40% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on HUT shares. Freedom Broker raised Hut 8 to a “strong-buy” rating in a research note on Tuesday, August 18th. Citizens Jmp boosted their price objective on Hut 8 from $100.00 to $140.00 and gave the stock a “market outperform” rating in a research note on Thursday, May 7th. B. Riley Financial upped their price objective on Hut 8 from $130.00 to $163.00 and gave the company a “buy” rating in a report on Monday, August 3rd. Wall Street Zen cut Hut 8 from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 1st. Finally, Keefe, Bruyette & Woods lowered their target price on Hut 8 from $157.00 to $154.00 and set an “outperform” rating on the stock in a report on Thursday, August 6th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $144.89.

Hut 8 Trading Down 8.8%

Shares of NASDAQ:HUT opened at $79.42 on Friday. The company has a debt-to-equity ratio of 4.22, a quick ratio of 19.35 and a current ratio of 19.35. The stock has a market capitalization of $9.79 billion, a price-to-earnings ratio of -14.57 and a beta of 4.64. Hut 8 Corp. has a 1-year low of $24.20 and a 1-year high of $140.80. The company has a 50 day moving average price of $98.87 and a 200 day moving average price of $85.03.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.72). Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. The company had revenue of $74.93 million during the quarter, compared to the consensus estimate of $79.37 million. During the same period in the prior year, the company posted $1.18 EPS. On average, research analysts anticipate that Hut 8 Corp. will post -2.85 EPS for the current fiscal year.

Hut 8 Profile

Hut 8 Corp., trading on the Nasdaq under the symbol HUT, is a North American digital infrastructure company specializing in cryptocurrency mining and high‐performance computing. Founded in 2017 and headquartered in Toronto, Canada, Hut 8 operates purpose‐built data centers that house fleets of specialized ASIC and GPU servers. Through its flagship mining facilities in Alberta and Ontario, the company leverages low‐cost, low‐carbon power sources—such as hydroelectric and natural gas—to support sustainable bitcoin production.