Thoroughbred Financial Services LLC Makes New Investment in Hut 8 Corp. $HUT

Thoroughbred Financial Services LLC purchased a new position in Hut 8 Corp. (NASDAQ:HUT) in the fourth quarter, HoldingsChannel reports. The institutional investor purchased 16,144 shares of the company’s stock, valued at approximately $741,000.

Other hedge funds have also recently made changes to their positions in the company. Millennium Management LLC raised its holdings in Hut 8 by 11.9% during the 1st 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. purchased a new position in Hut 8 during the 2nd quarter valued at $216,000. Russell Investments Group Ltd. increased its position 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 period. New York State Common Retirement Fund grew its position 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 worth $605,000 after buying an additional 5,400 shares during the period. Finally, Invesco Ltd. grew its position 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 worth $19,865,000 after buying an additional 124,439 shares during the period. 31.75% of the stock is currently owned by institutional investors.

Insider Activity

In other Hut 8 news, CFO Sean Joseph Glennan sold 4,625 shares of the firm’s 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 sale, the chief financial officer owned 12,068 shares in the company, valued at approximately $591,935.40. This trade represents a 27.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Amy Marie Wilkinson sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $100.78, for a total transaction of $2,015,600.00. Following the sale, the director owned 262,136 shares in the company, valued at approximately $26,418,066.08. The trade was a 7.09% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 74,628 shares of company stock worth $6,976,321 in the last quarter. 10.40% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Piper Sandler upped their target price on shares of Hut 8 from $93.00 to $127.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Citizens Jmp upped their target price on shares of Hut 8 from $100.00 to $140.00 and gave the company a “market outperform” rating in a research note on Thursday, May 7th. Compass Point set a $130.00 price objective on shares of Hut 8 in a research note on Wednesday, May 13th. Wall Street Zen cut shares of Hut 8 from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. Finally, Citigroup reiterated an “outperform” rating on shares of Hut 8 in a research note on Tuesday, April 28th. Seventeen analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Hut 8 presently has a consensus rating of “Moderate Buy” and a consensus price target of $107.72.

Hut 8 Price Performance

NASDAQ HUT opened at $124.83 on Friday. Hut 8 Corp. has a 12 month low of $14.74 and a 12 month high of $126.65. The stock has a market cap of $14.05 billion, a price-to-earnings ratio of -41.61 and a beta of 4.48. The company’s 50 day moving average is $78.59 and its two-hundred day moving average is $59.87. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.12.

Hut 8 (NASDAQ:HUT) last released its earnings results on Wednesday, May 6th. The company reported ($1.98) EPS for the quarter, missing analysts’ consensus estimates of ($0.33) by ($1.65). Hut 8 had a negative return on equity of 0.35% and a negative net margin of 109.77%.The firm had revenue of $139.31 million for the quarter, compared to the consensus estimate of $78.53 million. As a group, research analysts anticipate that Hut 8 Corp. will post -1.29 earnings per share for the current 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.