M&T Bank Corp Purchases Shares of 17,903 Hut 8 Corp. $HUT

M&T Bank Corp purchased a new stake in shares of Hut 8 Corp. (NASDAQ:HUT) in the 4th quarter, Holdings Channel reports. The fund purchased 17,903 shares of the company’s stock, valued at approximately $854,000.

Other hedge funds have also added to or reduced their stakes in the company. GAMMA Investing LLC acquired a new stake in Hut 8 during the 4th quarter valued at $30,000. Russell Investments Group Ltd. lifted its holdings in Hut 8 by 235.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock valued at $46,000 after purchasing an additional 1,719 shares during the last quarter. CWM LLC lifted its holdings in Hut 8 by 37.4% during the 4th quarter. CWM LLC now owns 1,106 shares of the company’s stock valued at $51,000 after purchasing an additional 301 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in Hut 8 by 1,578.3% during the 4th quarter. Farther Finance Advisors LLC now owns 1,393 shares of the company’s stock valued at $64,000 after purchasing an additional 1,310 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its holdings in Hut 8 by 67.2% during the 3rd quarter. NewEdge Advisors LLC now owns 2,257 shares of the company’s stock valued at $79,000 after purchasing an additional 907 shares during the last quarter. Institutional investors and hedge funds own 31.75% of the company’s stock.

Hut 8 Stock Up 6.7%

HUT opened at $75.78 on Friday. Hut 8 Corp. has a fifty-two week low of $12.23 and a fifty-two week high of $83.18. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.09 and a current ratio of 1.09. The company has a market capitalization of $8.40 billion, a P/E ratio of -32.66 and a beta of 4.38. The stock has a fifty day moving average of $58.21 and a 200-day moving average of $52.25.

Insider Buying and Selling

In other news, insider Victor Semah sold 5,498 shares of Hut 8 stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $49.05, for a total value of $269,676.90. Following the completion of the sale, the insider directly owned 24,796 shares in the company, valued at approximately $1,216,243.80. The trade was a 18.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Sean Joseph Glennan sold 4,625 shares of Hut 8 stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $49.05, for a total transaction of $226,856.25. Following the completion of the sale, the chief financial officer owned 12,068 shares of the company’s stock, valued at approximately $591,935.40. The trade was a 27.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 11.20% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. BTIG Research raised their price objective on shares of Hut 8 from $55.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, April 24th. Piper Sandler raised their price objective on shares of Hut 8 from $74.00 to $93.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 21st. Rosenblatt Securities restated a “buy” rating and set a $65.00 price objective on shares of Hut 8 in a research report on Thursday, February 26th. Wall Street Zen downgraded shares of Hut 8 from a “hold” rating to a “sell” rating in a research report on Saturday, February 28th. Finally, Weiss Ratings downgraded shares of Hut 8 from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, March 2nd. Sixteen equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $76.38.

Hut 8 Company 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.