Legal & General Group Plc Takes $9.06 Million Position in Hut 8 Corp. $HUT

Legal & General Group Plc purchased a new position in shares of Hut 8 Corp. (NASDAQ:HUT) in the second quarter, HoldingsChannel reports. The firm purchased 78,456 shares of the company’s stock, valued at approximately $9,057,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Millennium Management LLC lifted its position in Hut 8 by 11.9% in the first quarter. Millennium Management LLC now owns 330,416 shares of the company’s stock valued at $3,839,000 after buying an additional 35,120 shares during the last quarter. Prudential Financial Inc. acquired a new stake in shares of Hut 8 during the second quarter valued at about $216,000. Russell Investments Group Ltd. increased its position in shares of Hut 8 by 235.8% during the second quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock valued at $46,000 after acquiring an additional 1,719 shares during the last quarter. New York State Common Retirement Fund raised its stake in shares of Hut 8 by 19.9% in the 2nd quarter. New York State Common Retirement Fund now owns 32,540 shares of the company’s stock valued at $605,000 after acquiring an additional 5,400 shares during the period. Finally, Invesco Ltd. raised its stake in shares of Hut 8 by 13.2% in the 2nd quarter. Invesco Ltd. now owns 1,067,985 shares of the company’s stock valued at $19,865,000 after acquiring an additional 124,439 shares during the period. 31.75% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO Sean Joseph Glennan sold 6,445 shares of the stock in a transaction on Monday, August 24th. The stock was sold at an average price of $78.76, for a total value of $507,608.20. Following the sale, the chief financial officer directly owned 17,978 shares in the company, valued at approximately $1,415,947.28. This trade represents a 26.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 Hut 8 stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $125.00, for a total value of $1,250,000.00. Following the completion of the transaction, the insider owned 31,378 shares of the company’s stock, valued at approximately $3,922,250. This trade represents a 24.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 54,664 shares of company stock worth $6,212,160 over the last 90 days. Corporate insiders own 10.40% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on HUT shares. Northland Securities set a $120.00 price objective on shares of Hut 8 in a research report on Thursday, May 7th. Compass Point set a $195.00 target price on Hut 8 in a research report on Wednesday, July 22nd. Rosenblatt Securities restated a “buy” rating and set a $124.00 price target on shares of Hut 8 in a research report on Wednesday, August 5th. Weiss Ratings lowered Hut 8 from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, August 19th. Finally, Maxim Group raised Hut 8 to a “strong-buy” rating in a research note on Wednesday, August 5th. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $144.89.

Hut 8 Trading Down 1.4%

NASDAQ HUT opened at $77.57 on Wednesday. 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 firm has a market cap of $9.56 billion, a price-to-earnings ratio of -14.23 and a beta of 4.51. The firm has a 50 day simple moving average of $97.17 and a 200-day simple moving average of $85.57. Hut 8 Corp. has a one year low of $24.20 and a one year high of $140.80.

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

About Hut 8

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.